KUALA LUMPUR (Nov 4): The main index at Bursa Malaysia edged higher as vote counting for the US presidential election got underway in several states, while local investors are largely eyeing Budget 2021 set to be tabled Friday.

At 9.05am, the FBM KLCI was up 1.94 to 1,463.39.

The early gainers included Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Gets Global Bhd, UWC Bhd, Frontken Corp Bhd, Unisem (M) Bhd and Bursa Malaysia Bhd.

Bloomberg said US equity futures gained with most Asian stocks and the dollar extended its decline as investors awaited the outcome of the American presidential election.

Inter-Pacific Securities Sdn Bhd said it appears that the mixed market conditions may continue due to a largely wait-and-see environment ahead of the unveiling of Budget 2021 on Friday.

In its daily bulletin today, the research house said there is still significant uncertainties over the country’s political environment with the upcoming Budget seen critical for the Prime Minister’s position, while the continuing pandemic conditions are also leaving market players wary for the time being.

“With few domestic leads, we see the near-term market direction dictated by the results of the U.S. elections that will be released as the day progresses.

“Nevertheless, we do not anticipate significant movements due to the still cautious overall market conditions.

“As such, we think the key index is likely to linger within the 1,460 and 1,470 levels over the near term, with the other support and resistance levels located at 1,450 and 1,480 respectively,” it said.

Inter-Pacific Securities said unlike the index heavyweights, the lower liners and broader market shares could still see further recovery, helped by the sustained bargain hunting activities, albeit the gains may continue to be selective and the upsides possibly tempered by the bouts of quick profit taking activities.

“Nevertheless, the slightly improved market conditions are likely to help extend these stocks’ adjustment from oversold after their recent weakness,” it said.