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KLCI reverses loss as select blue chips lift, glovemakers remain in the red

TheEdge Tue, Jun 02, 2020 12:49pm - 1 month ago


KUALA LUMPUR (June 2): The FBM KLCI reversed its earlier loss and edged up at the midday break as regional markers extended their rally, lifted by select index-linked blue chips while glovemakers succumbed to profit taking.

At 12.30pm, the FBM KLCI rose 3.07 points to 1,493.21. The index had earlier slipped to a low of 1,480.17.

Losers edged gainers by 336 to 310, while 596 counters traded unchanged. Trading volume was an active 5.47 billion shares valued at RM3.26 billion.

The top gainers included Public Bank Bhd, Bursa Malaysia Bhd, Hap Seng Consolidated Bhd, Scientex Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Tenaga Nasional Bhd, Hengyuan Refining Company Bhd, Frontken Corp Bhd and Malaysia Airports Holdings Bhd.

The actives included K-One Technology Bhd, KNM Group Bhd, Nexgram Holdings Bhd, AT Systemization Bhd, Sanichi Technology Bhd, Bumi Armada Bhd, Careplus Group Bhd and Icon Offshore Bhd.

The top losers included Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Rubberex Corp Bhd, Hartalega Holdings Bhd, Comfort Gloves, Adventa Bhd, Supermax Corp Bhd, Heineken Malaysia Bhd and Carlsberg Brewery Malaysia Bhd.

Reuters said Southeast Asian markets extended multi-day rallies on Tuesday on optimism over an economic rebound from the coronavirus crisis, but caution prevailed globally due to simmering Sino-U.S. tensions and violent protests in many U.S. cities.

This week began with the re-opening of several regional economies after weeks-long lockdowns to curb the spread of the virus were eased. Investors also cheered signs of the economy picking up in China, the region's biggest trading partner, it said.

Kenanga Research said yesterday, Asian stocks ended higher as US President Trump avoided re-igniting the trade-war risk in his speech last Friday.

It said back home, the FBMKLCI rose 32.64 points (+2.24%) to finish at 1,490.14.

“Following the formation of a “Golden Cross”, the index managed to close the gap that was opened during the mid-March market meltdown, which sees it now trading above all of its key-SMAs.

“On the chart, our support levels stand at 1,400 (S1) and 1,360 (S2).

“On the upside, our resistance levels are raised to 1,500 (R1) and 1,570 (R2),” it said.

#dudukrumahdiamdiam and get the news at theedgemarkets.com.






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