Bursa gets a boost from gloves, Petronas Dagangan


  • Markets
  • Wednesday, 27 May 2020

market open

KUALA LUMPUR: Bursa Malaysia started Wednesday on a firm note, underpinned by buying of glove makers and also Petronas Dagangan despite the mixed key Asian markets due to the rising US-China tensions.

At 9.09am, the FBM KLCI was up 13.19 points or 0.92% to 1,449.95. Turnover was 597.60 million shares valued at RM378.81mil. Advancers beat decliners more than four to one or 450 gainers to 103 losers and 191 counters unchanged.

Reuters reported Asian shares shed some of their recent gains as investor concerns about rising US-China tensions tempered optimism about a re-opening of the world economy.

US President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details

The report said The Nikkei share average slipped 0.1%, unwinding some of the gains made on Tuesday when it climbed to their highest in nearly 12 weeks. Australia's ASX 200 lost 0.9% in early trade and South Korea's Kospi fell 0.2%.

Meanwhile, at Bursa last week, foreign funds were net sellers at RM714.7mil but the selling was absorbed by local institutions which were net buyers at RM5803mil and local retail investors at RM134.3mil.

Top Glove rallied RM1.16 to RM12.98, Hartalega RM1 to RM11, Supermax 46 sen to RM6.21 and Kossan 40 sen to RM8.86.

Petronas Dagangan was up 38 sen to RM20.68.

Key Alliance Group was the most active, up two sen to 9.5 sen with 49.53 million shares done, VELESTO added 0.5 sen to 16.5 sen and Bumi Armada two sen to 23.5 sen.

Jaks Resources lost 12.5 sen to 90.5 sen.

BAT fell 42 sen to RM11.30, Nestle 20 sen to RM137, PPB Group 10 sen to RM16.78, IOI Corp nine sen to RM4.31 and MY EG nine sen lower also to RM1.39.

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