KLCI rises 0.66% as index-linked glove makers advance, regional markets slip on US-China consulate tensions

TheEdge Thu, Jul 23, 2020 12:57pm - 7 months ago


KUALA LUMPUR (July 23): The FBM KLCI rose 0.66% at the midday break Thursday as index-linked glove makers advanced, while regional markets slipped on simmering tensions over the US-China consulate spat.

At 12.30pm, the FBM KLCI rose 10.45 points to 1,597.43.

Decliners edged advancers by 339 to 320, while 679 counters traded unchanged. Trading volume was a robust 7.48 billion shares valued at RM3.53 billion.

The top gainers included Top Glove Corp Bhd, Careplus Group Bhd, TCS Group Bhd, Petronas Dagangan Bhd, Vstecs Bhd, Teck Guan Perdana Bhd, Hartalega Holdings Bhd, Bioalpha Holdings Bhd and Petronas Gas Bhd.

The actively traded stocks included Bioalpha, XOX Bhd, PDZ Holdings Bhd, Eduspec Holdings Bhd, Priceworth International Bhd, TCS, Careplus and DGB Asia Bhd.

The decliners included Nestle (M) Bhd, Apex Healthcare Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Tien Wah Press Holdings Bhd, Paramount Corp Bhd, Prestariang Bhd, My EG Services Bhd and Tune Protect Group Bhd.

Reuters said Asian shares slipped on Thursday as investors' worries over rising tensions between Washington and Beijing overcame hopes for more stimulus, after the United States ordered the closure of China's consulate in Houston amid accusations of spying.

China said the order was an "unprecedented escalation" by Washington, and a source said Beijing was considering shutting the US consulate in Wuhan in retaliation, it said.

JF Apex Securities Research said US markets rose overnight after developments in a coronavirus vaccine and progress in unemployment benefits negotiations.

It said that earlier, European stocks declined as renewed concerns of rising coronavirus cases overshadowed the EU's recovery fund.

“On the local market, the FBM KLCI fell 8.95 points to 1,586.98 points.

“Following the mixed performances in the US and Europe, the FBM KLCI could continue to hover below the resistance of 1,615 points,” it said.






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