Bursa inches higher, glove makers top gainers

  • Markets
  • Thursday, 28 May 2020

KUALA LUMPUR: Bursa Malaysia eked marginal gains amid a mixed market as investors’ risk appetite was tempered by the ongoing US-China tensions except for glove makers, which continued to see strong buying interest.

At 9.28am, the FBM KLCI was just up by 1.04 points or 0.07% to 1,452.77. Turnover was 1.28 billion shares valued at RM695.17mil. There were 245 gainers, 316 losers and also 316 counters unchanged.

Reuters reported Asian shares and US stock futures rose as growing optimism about economic recovery from the coronavirus pandemic trumped immediate concerns about a standoff between the United States and China over Hong Kong.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%.

Australian shares rose 1.86% to the highest in more than two months, while Japan's Nikkei stock index rose 1.28% to the highest since early March as investors cheered the re-opening of economic activity in both countries.

US stock futures, S&P 500 e-minis, rose 0.36% on Thursday in Asia following another positive session on Wall Street overnight, highlighting the positive mood

At Bursa on Wednesday, local retail investors were net buyers at RM241mil and this was followed by local institutions at RM121.5mil while foreign funds extended their selling to net RM362.5mil.

Glove makers continued to ride the heady days until a vaccine could be found for the Covid-19. Supermax charged 87 sen higher to RM7.77 and Top Glove gained 48 sen to RM13.34. Comfort Gloves lost six sen to RM3.02 in active trade.

Nestle rose 50 sen to RM139.50 in thin trade while QL Resources climbed 46 sen to RM9.96.

GDex fell 4.5 sen to 40 sen with 57.4 million shares done.

Among the KLCI stocks, Petronas Dagangan lost 42 sen to RM21.10, Petronas Gas and Tenaga eight sen each to RM17.02 and RM12.12. Hong Leong Bank was down eight sen to RM3.50.

Other decliners were Batu Kawan, down 24 sen to RM13.86, GHL 13 sen to RM1.82 and Padini 12 sen to RM2.62.

BAT continued to slide, falling 20 sen to RM10.98.

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