Bursa trading value hits record high of RM9.3bil, KLCI top performer

  • Markets
  • Friday, 29 May 2020

Bloomberg reported Malaysian stocks entered bull territory as glove makers extended their record rally. The KLCI close up 1.1%, extending its gain from a low in March to 21%.

KUALA LUMPUR: Bursa Malaysia saw a record broken on Friday as trading value rose to a record high of RM9.308bil in an equally heavy trading volume as the FBM KLCI climbed more than 1% amid a firmer broader market.

At 5pm, the KLCI was up 15.75 point or 1.08% to 1,473.25 and it was the top performer among the key Asian markets. It is at the highest since March 6. However, year-to-date, the KLCI is still down 7.27%.

Turnover was 9.308 billion shares valued at RM9.308bil. The broader market saw advancers beating decliners 650 to 403 while 363 counters were unchanged.

Bloomberg reported Malaysian stocks entered bull territory as glove makers extended their record rally. The KLCI close up 1.1%, extending its gain from a low in March to 21%.

“The country is home to the world’s biggest glove makers Top Glove Corp. and Hartalega Holdings Bhd, which have surged in recent weeks due to rising demand for protective equipment during the

global coronavirus pandemic,” it reported.

The ringgit strengthened by 0.18% to 4.3457 against the US dollar.

Hartalega rose RM1.40 and added 8.83 points to the KLCI while Top Glove added 20 sen to RM13.30 and nudged the index up 0.97 of a point. Careplus jumped 29 sen to RM1.40 in active trade while Adventa hit limit-up, surging 40 sen to RM1.76.

Petronas Gas added RM1.70 and pushed the index up 4.81 points while Petronas Dagangan's RM2.20 jump to RM23.48 added 3.74 points. Petronas Chemicals ended 11 sen higher at RM6.30 and gave the index a 1.64 point nudge. Dialog Group added 18 sen to RM3.99.

This was despite a retreat in crude oil prices. US light crude oil fell US$1.18 or 3.5% to US$32.53 and Brent lost US$1.01 or 2.86% to US$34.28.

CIMB was among the best performers among the banks, advancing 26 sen to RM3.77 and added 4.8 points. Maybank rose nine sen to RM7.50, AmBank 11 sen to RM3.17. RHB Bank three sen to RM4.77 and HL Bank four sen to RM13.60 but Public Bank lost 52 sen to RM14.66 and wiped out 3.76 points.

Weighing on the KLCI was Tenaga which fell 64 sen to RM11.26 and erased 6.78 points.

Crude palm oil for third month delivery rose RM26 to RM2,294 per tonne.

PPB Group rose 44 sen to RM17.36, IOI Corp five sen to RM4.55 and KL Kepong four sen to RM22.04 but Sime Plantations lost five sen to RM4.96.

Genting rose five sen to RM4 while GentingM added two sen to RM2.32.

S&P Global Ratings has lowered its long-term issuer credit rating on Genting Bhd from 'BBB+' to 'BBB' and its key US subsidiary, Resorts World Las Vegas (RWLV) from 'BBB' to 'BBB-' on slow recovery prospects.

The rating agency said on Friday it lowered the long-term issue ratings on RWLV's senior secured debt and senior unsecured notes to 'BBB-' from 'BBB'. It had a negative outook for both companies.

Time dotCom fell 54 sen to RM10.70 despite the surge in its first quarter earnings as investors took profit. Maxis lost 11 sen to RM5.28, Digi rose seven sen to RM4.55 and Axiata edged up six sen to RM4.55.

In afternoon, property stocks rose in active trade but gave up some gains towards the close. Ecoworld rose 8.5 sen to 49 sen with 161 million shares done.

Among the key Asian markets, Japan's Nikkei 225 fell 0.18% to 21,877 while Hong Kong's Hang Seng Index lost 0.74% to 22,961, Taiwan's Taiex shed 0.02% to 10,942 and Singapore's STO shed 0.18% to 2,510.

However, China's Shanghai Composite rose 0.22% to 2,852.

(Below is the Bloomberg chart showing the surge in trading value on Friday over the past one year.)

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