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KLCI snaps four-day rally as US protests escalate

TheStar Tue, Jun 02, 2020 09:22am - 1 month ago

KUALA LUMPUR: Bursa Malaysia reversed direction following four days of advances as escalating protests in the US and US President Donald Trump's threat to mobilise the military sent global equities under pressure on Tuesday.

As Asian markets prepared to open, dozens of cities across the United States were under curfews with the National Guard deployed in 23 states and Washington, D.C, Reuters reported.

At 9.05am, the FBM KLCI was down 8.73 points to 1,481.41. Investors rapidly ramped up trading volume from the get-go with 634.02 million shares valued at RM339.4mil in the first few minutes of trading.

Amid the descending stocks on the local exchange were rubber glove makers, which had continuously broken records during a months-long rally.

Top Glove fell RM1.24 to RM14.30 and Hartalega dropped 68 sen to RM12.50.

Kossan Rubber shed RM1.07, Rubberex slid 65 sen to RM3.89, Comfort Gloves fell 48 sen to RM3.72 and Supermax slid 45 sen to RM7.50.

Notable gainers included Petronas Chemicas up 18 sen to RM6.36, K1 gaining 11 sen to 55.5 sen and PPB rising 10 sen to RM17.20.

Of actives, K1 rose 10.5 sen to 55 sen, AT was flat at 7.5 sen and Nexgram was up 0.5 sen to three sen.

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BURSA 8.520
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