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KLCI up 0.76% as index-linked glove makers ride on pandemic fear

TheEdge Tue, Jun 30, 2020 12:53pm - 1 week ago

KUALA LUMPUR (June 30): The FBM KLCI rose 0.76% at the midday break Tuesday as index-linked glove makers racked up gains on concerns of rising coronavirus cases including in the Americas and India while Chinese researchers warned of new virus in pigs with human pandemic risk.

At 12.30pm, the FBM KLCI rose 11.29 points to 1,505.72.

Gainers led losers by 405 to 210, while 653 counters traded unchanged. Trading volume was 3.05 billion shares valued at RM1.85 billion.

The top gainers included Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Nestle (M) Bhd, QL Resources Bhd and Panasonic Manufacturing Malaysia Bhd.

The actives included AT Systematization Bhd, Vsolar Group Bhd, Sapura Energy Bhd, Hubline Bhd, LKL International Bhd, Careplus Group Bhd, MQ Technology Bhd, HLT Global Bhd and Anzo Holdings Bhd.

The decliners included IHH Healthcare Bhd, Carlsberg Brewery Malaysia Bhd, United Plantations Bhd, KKB Engineering Bhd and Gas Malaysia Bhd and Petronas Gas Bhd.

Reuters said Asian shares rose on Tuesday after data showed China's manufacturing sector grew more than expected in June, a hopeful sign for a global economy still struggling to recover from the sweeping impact of the coronavirus crisis.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.9%, while US stock futures, the S&P 500 e-minis, advanced 0.23%, it said.

Apex Securities Research said US markets rose overnight despite concerns of rising coronavirus cases and delay in reopening the economy in several states.

“On the local market [yesterday], the FBM KLCI recovered from an intraday low of 1,476 points to close 6.29 points higher at 1,494.43 points.

“Following the positive performances in the US and Europe, the FBM KLCI could climb towards the resistance of 1,515 points,” it said.

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