KLCI sustains rising momentum, healthcare index jumps 7% on spiking overseas virus cases

TheEdge Mon, Jul 06, 2020 01:06pm - 3 years View Original


KUALA LUMPUR (July 6): The FBM KLCI sustained its momentum and rose to a one-month high at the midday break today in line with regional gains and added 1.22%, while the healthcare index jumped 7% as coronavirus cases spiked overseas.

At 12.30pm, the FBM KLCI rose 18.91 points to 1,571.56.

Market breadth was positive with 417 gainers and 263 decliners, while 662 counters traded unchanged. Trading volume was a brisk 4.81 billion shares valued at RM2.67 billion.

Meanwhile, the healthcare index gained 7.13% to 183.46 points to 2,755.61.

The top gainers on Bursa Malaysia included Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Hartalega Holdings Bhd, Petronas Gas Bhd, Malaysian Pacific Industries Bhd, JF Technology Bhd and KESM Industries Bhd.

The actives included Pegasus Heights Bhd, Trive Property Group Bhd, Anzo Holdings Bhd, Iris Corp Bhd, Vivocom International Holdings Bhd, KNM Group Bhd and PDZ Holdings Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, Batu Kawan Bhd, Ajinomoto (M) Bhd, Hap Seng Consolidated Bhd and British American Tobacco (M) Bhd.

Reuters said Asian shares scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery, even as surging coronavirus cases delayed re-openings across the United States.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1% to its highest since February, it said.

Kenanga Research said that after rising for five consecutive days last week, the Malaysian bourse will probably take a breather ahead.

It said the benchmark FBM KLCI posted a weekly gain of 64.5 points or 4.3% to settle at 1,553 last Friday.

“Over on Wall Street, the Dow Jones Industrial Average also ended on higher ground with an increase of 3.2% to close at 25,827 for the week.

“Our resistance thresholds for the FBM KLCI have been revised to 1,570 (R1) and 1,600 (R2) following last week’s market rise.

“Conversely, an impending test on its support levels — which have been set at 1,510 (S1) and 1,475 (S2) — could suggest renewed market weakness,” it said.

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