KLCI pares much gains as drop in key index-linked stocks negate glove makers’ advance

TheEdge Mon, Sep 14, 2020 01:17pm - 3 years View Original


KUALA LUMPUR (Sept 14): The FBM KLCI pared much of its gains at the midday break Monday as key index-linked stocks, including Tenaga Nasional Bhd and Malayan Banking Bhd (Maybank), declined, negating the advance at glove makers.

At 12.30pm, the FBM KLCI was up 2.82 points to 1,507.67. The index had earlier risen to a high of 1,515.66.

Gainers led losers by 505 to 197, while 664 counters traded unchanged. Trading volume was 5.53 billion shares valued at RM3.64 billion.

The top gainers included Malaysian Pacific Industries Bhd, Carlsberg Brewery Malaysia Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Nestle (M) Bhd, Careplus Group Bhd, ViTrox Corp Bhd, Hartalega Holdings Bhd and Heineken Malaysia Bhd.

The actively traded stocks included Parkson Holdings Bhd, Kanger International Bhd, Hiap Teck Venture Bhd, XOX  Bhd, Pasukhas Group Bhd, Top Glove, Careplus, Lambo Group Bhd and Bumi Armada Bhd.

The decliners included Tenaga Nasional Bhd, IHH Healthcare Bhd, Dutch Lady Milk Industries Bhd, Maybank, PPB Group Bhd, Maxis Bhd, Tropicana Corp Bhd, Tune Protect Group Bhd, KKB Engineering (M) Bhd and My EG Services Bhd.

Reuters said Asian shares firmed on Monday on renewed hopes for a coronavirus vaccine after AstraZeneca resumed its phase-3 trial though sentiment was still cautious ahead of a big week of central bank meetings in the UK, Japan and the United States.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7%, poised for its second straight session of gains, it said.

Hong Leong IB (HLIB) Research said led by a further rebound on glove stocks in anticipation of robust Top Glove results this Thursday, KLCI may inch higher in a holiday-shortened week — Malaysia Day holiday falls on Sept 16.

Nevertheless, it said in the light of internal and external headwinds, any rebound could be capped during this seasonally sluggish September outing (KLCI tumbled average 1.7% from 2000-2019).

HLIB said overall, volatility remains elevated amid the domestic political uncertainty (ahead of the Sept 26 Sabah state election), the expiry of the six-month grace period for loan repayments and a review on Malaysia’s position in the World Government Bond Index (WGBI) by end-September, concern over government’s major source of income following Petronas sluggish 1HFY20 results, worries of a Covid-19 resurgence in the fall and winter, escalating US-China tension, potential delay in the vaccine development timelines, and the potential deadlock over additional pandemic aid in US Congress coupled with the looming uncertainty ahead of the US presidential election on Nov 3.

“Key supports are pegged at 1,474-1,461-1,428 whilst resistances are situated near 1,506-1,521-1,548,” it said.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

ARMADA 0.580
CAREPLS 0.275
CARLSBG 18.500
DLADY 30.640
HARTA 2.750
HEIM 23.320
HIAPTEK 0.390
IHH 6.050
KANGER 0.055
KKB 1.640
LAMBO 0.030
MAXIS 3.370
MAYBANK 9.690
MPI 31.000
MYEG 0.790
NESTLE 118.200
PARKSON 0.240
PASUKGB 0.150
PPB 15.380
SUPERMX 0.820
TENAGA 11.380
TOPGLOV 0.800
TROP 1.220
TUNEPRO 0.320
VITROX 7.580
XOX 0.010

Comments

Login to comment.