KLCI closes higher but off day’s best

  • Markets
  • Thursday, 26 Mar 2020

market higher

KUALA LUMPUR: Local fund buying continued to underpin the FBM KLCI’s firmer close on Thursday, though off the intra-day high amid a firmer broader market.

At 5pm, the FBM KLCI was up 3.59 points or 0.27% to 1,328.09. Its intra-day high was 1,336.

Turnover was robust with 3.53 billion shares valued at RM2.27bil. The broader market was firmer as advancers beat decliners 540 to 295 while 334 counters unchanged.

The rally on Bursa this week has been due to sustained local fund buying amid some profit taking by retail investors while foreign institutions had continued to sell down Malaysian equities due to the Covid-19.

Among the biggest buyers of hammered down stocks including banks such as Public Bank was the Employees Provident Fund.

Carlsberg was the top gainer, bouncing RM1.88 to RM25.20, Nestle added RM1.50 to RM137, Dutch Lady 96 sen to RM41, Ajinomoto 38 sen to RM12.48 while F&N ended up 32 sen to RM30.02.

IHH Healthcare rose 28 sen to RM5.38 and added 3.80 points to the KLCI, Tenaga Nasional added 12 sen to RM12.22 and nudged the index by 1.05 points.

Among the banks, Maybank fell three sen to RM7.20, Public Bank lost 18 sen to RM15.54 and CIMB two sen to RM3.50 while Hong Leong Bank was flat at RM14.20. HLFG was the top loser, down 40 sen to RM13.04.

Petronas Chemicals rose 14 sen to RM4.65 and added 1.73 points to the KLCI, Petronas Gas climbed 32 sen to RM15.56 and added nearly one point while MISC shed two sen to RM7.53.

As for plantations, IOI Corp rose five sen to RM3.80, Sime Plantation unchanged at RM4.70 while PPB Group lost 34 sen to RM16.56 and KL Kepong 16 sen to RM20.50.

MAHB fell 10 sen to RM4.40 in active trade.

Among the telcos, Digi advanced sen to RM4.29 but Maxis shed one sen to Rm5.33 and Axiata three sen to RM3.40.

China Exchange Traded Fund-MYR jumped 26 sen to RM5.79.

Uchi Tech lost nine sen to RM1.91 after warning of lower revenue this year due to the movement restriction and lockdowns in their customers’ countries.

Reuters reported Chinese shares closed lower as investors took profits after two days of strong gains, and as a rise in imported cases of coronavirus prompted Beijing to tighten controls to prevent a resurgence of infections. The Shanghai Composite index fell 0.6% at 2,764.91.

US stock index futures slipped after a two-day rally as investors braced for what is expected to be one of the worst US jobless claims reports in history, underlining the wide-ranging economic damage from the coronavirus pandemic, Reuters reported.

At 05:24 a.m. EDT, Dow e-minis were down 282 points, or 1.33%, S&P 500 e-minis were down 42.25 points, or 1.71% and Nasdaq 100 e-minis were down 114.25 points, or 1.53%.

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local funds , hammered down stocks , KLCI


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