KLCI advances as Top Glove & Hartalega lift, regional markets mixed on simmering China-US tensions

TheEdge Mon, Jul 27, 2020 09:16am - 3 years View Original


KUALA LUMPUR (July 27): The FBM KLCI advanced in early trade Monday as index-linked glove makers Top Glove Corp Bhd and Hartalega Holdings Bhd led the gainers list, against the backdrop of mixed regional markets.

At 9.06am, the bellwether index rose 45.67 points to 1,594.28.

The early gainers included Top Glove, Careplus Group Bhd, Kossan Rubber Industries Bhd, Comfort Gloves Bhd, Supermax Corp Bhd, SCGM Bhd. VitRox Corp Bhd, Rubberex Corp Bhd, Hartalega and Petronas Dagangan Bhd.

Bloomberg said stocks in Asia opened mixed and gold futures rose to a record high as investors weighed simmering Sino-American tensions against signs the virus spread in the U.S. may be slowing.

The dollar extended its recent slide, it said.

Rakuten Trade Sdn Bhd in its daily market report said US markets lost ground across all indices with Dow Jones, Nasdaq and S&P500 falling marginally notwithstanding rising tensions between US-China.

It said thus far corporate result season for US markets have been decent.

“Regional markets are likely to see subdued sentiment on the rising gold prices.

“Back to our local market, we expect market to remain buoyant with much trading opportunities and investors could look at both Asia Poly Holdings Bhd (Technical View) and AppAsia Bhd (Investment Idea),” it said.

 

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