KLCI extends rally despite US troubles

  • Markets
  • Monday, 01 Jun 2020

KUALA LUMPUR: Bursa Malaysia extended its gains as it was swept up by the improving sentiment in equity markets as global economies reopen for business.

Asian markets hit three-month highs despite riots in US cities threatening to slow the economic recovery and Washington's escalation tensions with China.

Shanghai's Composite Index jumped 2% while Hong Kong's Hang Seng surged 3.3% as investors shrugged off US President Donald Trump's threats of stripping the city of special treatment.

Japan's Nikkei rose 0.9% while South Korea's Kospi added 1.3%.

At 12.30pm, the FBM KLCI had risen 15.14 points to 1,488.39. Active trading saw 5.52 billion shares exchanging hands for a value for RM3.79bil.

The bullish sentiment on the market was paved by stellar increases in rubber glove manufacturers. Top Glove jumped RM2.66 to RM15.96 while Hartalega climbed 62 sen to RM13.16.

Smaller players in the sector included Rubberex up 59 sen to RM4.15, Careplus climbing 39 sen to RM1.79 and Supermax adding 37 sen to RM8.07.

Also helping to lift the market, Tenaga Nasional climbed 56 sen to RM11.82.

Bank stocks however took a tumble as analysts reiterated negative forecasts for the sector. Maybank slipped give sen to RM7.46, Public Bank dropped 10 sen to RM14.56 and CIMB shed 13 sen to RM3.64.

Hong Leong Bank meanwhile rose two sen to RM13.62.

Petronas-related counters were also seeing red. Petronas Dagangan fell RM1.56 to RM21.92, Petronas Gas lost 72 sen to RM18.28 and Petronas Chemicals shed one sen to RM6.29.

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KLCI , Bursa Malaysia , rally , rubber glove


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