Consumer stocks top gainer, Nestle hit record high

KUALA LUMPUR: Consumer staple stocks continue to hold up well, dominating the gainers’ list on Bursa Malaysia in early trade.

Consumer counters like Nestle (M) Bhd , Dutch Lady Milk Industries Bhd and Fraser & Neave Holdings Bhd (F&N) have been hitting historical highs.

Nestle, which has been on an uptrend, surged RM4.40, or 3.21% to RM141.40 leading the top gainers’ list.

Another counter that hit its all time-high is F&N. The counter gained 34 sen, 1.11% to RM31.08.

Dutch Lady rose 64 sen to RM67.60, Panasonic Manufacturing (M) Bhd advanced 2 sen to RM31.92.

Consumer discretionary stocks are normally a defensive sector, as seen from the gains on the FTSE Bursa Malaysia Consumer Stock Index. The index added 6.2 points to 689.80 points.

Stock on the Move , Nestle , F N