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KLCI pares loss as select blue chips rise, volume stays brisk

TheEdge Tue, Jun 02, 2020 10:15am - 1 month ago

KUALA LUMPUR (June 2): The FBM KLCI pared some of its loss at mid-morning Tuesday as select index-linked stocks rose to erase the decline caused by profit taking in stocks of glovemakers.

The FBM KLCI was down 1.22 points to 1,488.92. The index had earlier slipped to a low of 1,480.17.

Losers led gainers by 349 to 317, while 340 counters traded unchanged. Trading volume was a brisk 2.67 billion shares valued at RM1.55 billion.

The top losers included Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Rubberex Corp Bhd, Petronas Gas Bhd, Allianz Malaysia Bhd, Comfort Gloves Bhd, Top Glove Corp Bhd, Adventa Bhd, Oceancash Pacific Bhd and Luxchem Corp Bhd.

The actives included K-One Technology Bhd, KNM Group Bhd, Nexgram Holdings Bhd, AT Systematization Bhd, Eduspec Holdings Bhd, Sanichi Technology Bhd, Careplus Group Bhd and HLT Global Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Bursa Malaysia Bhd, Public Bank Bhd, Yinson Holdings Bhd, Frontken Corp Bhd, Malaysia Airports Holdings Bhd and Kuala Lumpur Kepong 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.

Hong Leong IB Research said technically, the KLCI could revisit the 1500-1520 levels in the short term as the great disconnect between ongoing liquidity-driven markets and economy continues, given that investors appear to focus on the spillover optimism from pandemic-driven plunge amid re-opening of global economies, easing lockdowns and the progress on vaccine development.

“Meanwhile, glove stocks could witness potential profit taking correction amid stratospheric valuations and steeply overbought levels after recent unprecedented rally following market talks that investment banks are going to implement margin capping for glove counters,” it said.

#dudukrumahdiamdiam and get the news at theedgemarkets.com.

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