KLCI recovers from weak start, glove stocks rebound

TheStar Fri, Nov 20, 2020 12:46pm - 3 years View Original


KUALA LUMPUR: The FBM KLCI swung higher one day after profit-taking sent equities sharply into the red, reaffirming expectations of market consolidation.

At 12.30pm, the key index was 13.04 points higher at 1,596.72, once more hovering near the 1,600-point psychological level.

"Going forward, we expect choppiness to prevail with mild bargain-hunting activities to take place.

"Elsewhere, the lower liners are likely to trend higher boosted by the liquidity-driven market, coupled with the rotational play," said Malacca Securities Research in its morning outlook

Global markets were mixed on Friday, with optimism over a recovery dampened by Wall Street's lower close as US Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling US businesses.

Japan's Nikkei fell 0.5% while China's composite index edged 0.1% higher. Hong Kong's Hang Seng was up 0.35%.

However, Bursa Malaysia was lifted by a rebound in glove counters, which have been deemed oversold after the recent Covid-19 developments triggered anxiety over future demand for latex gloves.

Hartalega rose 38 sen to RM14.48 and Top Glove gained 37 sen to RM7.21.

Petronas Gas extended its gains for second day following its earnings announcement, putting on 28 sen to RMTM16.60, while Petronas Chemicals rose for a third straight day by four sen to RM6.81.

Petronas Dagangan added 12 sen to RM19.74.

Top active stocks were AT Systemization up 1.5 sen to 19.5 sen, Southern Cable Group rising six sen to 39.5 sen and NetX adding one sen to 14.5 sen.

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