KLCI rises for sixth session, rubber gloves return to spotlight

TheStar Wed, May 20, 2020 01:06pm - 3 years View Original


KUALA LUMPUR: Bursa Malaysia slowed its ascent on Wednesday amid a negative report over the success of the early-stage trial of a coronavirus vaccine.

The FBM KLCI managed to eke out a slight 1.42-point gain to 1,425.39 to extend its rally for a sixth straight day although there were signs momentum was slowing.

Trading volume remained high at 3.82 billion shares valued at RM1.91bil although the figures paled in comparison to the levels seen at this time yesterday.

Rubber glove manufacturers swung higher with the lowered expectations for a vaccine. KLCI-linked counter Top Glove rose 14 sen to RM10.62 while Hartalega gained 20 sen to RM9.21.

Supermax jumped 35 sen to RM4.60, Ruberex gained 19 sen to RM1.88 and Comfort Gloves added 30 sen to RM2.35.

Meanwhile, Pharmaceuticals climbed 36 sen to RM2.24 on the back of strong demand from Malaysia and Indonesian hospitals.

Bank stocks showed mixed results with Maybank rising three sen to RM7.48, RHB gaining one sen to RM4.76, Public Bank dropping eight sen to RM15.42, Hong Leong Bank dipping two sen to RM13.50 and CIMB unchanged at RM3.48.

Telcos were on the backfoot with Maxis falling two sen to RM5.28, Axiata dropping five sen to RM3.86 and Digi down six sen to RM4.41.

Of actives, Bumi Armada was flat at 24.5 sen, SAPURA ENERGY flat at 10 sen and Rimbunan Sawit down 0.5 sen at 30.5 sen.

Oil prices continued their uptrend on improving demand with major benchmarks holding their ground above US$30 a barrel. Brent rose 28 cents to US$34.93 a barrel and US crude rose 20 cents to US$32.15 a barrel.

The ringgit however was slightly lower against major currencies as risk sentiment remained weak. The local currency dipped 0.1% against the US dollar at 4.3500, 0.15% against the pound sterling at 5.3327 and was unchanged against the Singapore dollar at 3.0686.
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