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KLCI halts advance as glovemakers succumb to profit taking

TheEdge Tue, Jun 02, 2020 09:12am - 1 month ago

KUALA LUMPUR (June 2): The FBM KLCI halted its advance in early trade Tuesday as glovemakers succumbed to profit taking after having having risen to dizzying levels in recent days, riding on the Covid-19 pandemic, against the backdrop of mixed Asian markets.

At 9.05am, the FBM KLCI fell 8.73 points to 1,481.41.

The top losers included Hartalega Holdings Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Rubberex Corp Bhd, Supermax Corp Bhd, Comfort Gloves Bhd, Careplus Group Bhd and Adventa Bhd.

Bloomberg said Asian stocks opened in mixed fashion, while U.S. futures slipped as investors assessed prospects for the deployment of the U.S. military to quell social unrest.

Benchmarks in Tokyo and Seoul climbed, while Sydney fluctuated. S&P 500 contracts dipped after President Donald Trump promised to deploy large numbers of troops if cities and states don’t act to contain violence from protests over police brutality. Earlier, the S&P 500 posted a modest advance. The tech-heavy Nasdaq Composite outperformed as a closely watched measure of U.S. manufacturing rose in May for the first time in four months, suggesting stabilization after a pandemic-driven plunge. The dollar stabilized early Tuesday, it said.

JF Apex Securities Research said US markets rose overnight despite riots and trade tension with China as investors are optimistic on reopening economies.

It said that earlier, European stocks gained as lockdowns are being lifted.

“On the local market, the FBM KLCI rose 16.89 points to 1490.14 points.

“Following the positive performances in the US and Europe, the FBM KLCI could extend its ascend towards the resistance of 1515 points,” it said.

#dudukrumahdiamdiam and get the news at theedgemarkets.com.

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