Bursa bucks Asian markets weighed by fresh Covid-19 cases

market up

KUALA LUMPUR: Bursa Malaysia closed higher on Monday, underpinned by gains in plantation and new entrants to the FBM KLCI – Telekom Malaysia and KLCCP – but Asian markets were impacted by worries about fresh Covid-19 pensions.

At 5pm, the KLCI was up 3.98 points or 0.26% to 1,511.24. Turnover was 6.33 billion shares valued at RM3.11bil. The broader market was more cautious as decliners beat advancers 549 to 434 and 386 counters were unchanged.

KLCCP rose 23 sen to RM7.95 adding 0.64 point to the KLCI while and Telekom gained 16 sen to RM4.07 and pushed the index up 0.92 of a point.

Among the plantations, BLD Plantation surged RM1.02 to RM5.08 and PPB Group added 56 sen to RM17.86 and nudged the KLCI up 1.22 points. KL Kepong fell four sen to RM22.18.

As for oil stocks, Petronas Dagangan added 20 sen to RM22.36, PetGas eight sen to RM17.20 and Dialog rose three sen to RM3.59.

Brent crude rose 10 cents, or 0.2%, to $42.29 a barrel by 0826 GMT, while US crude for August delivery was at $39.87 a barrel, up 4 cents, or 0.1%, according to Reuters.

Hap Seng Consolidated lost 11 sen to RM8.89 and wiped out 0.42 point, Genting shed two sen to RM4.32 and GentingM four sen lower at RM2.70. Sime Darby eased three sen to RM2.11.

HLFG rose 26 sen to RM14.28 and Public Bank 20 sen to RM16.78 while Maybank was flat at RM7.66 and CIMB one sen higher at RM3.69.

Supercomnet Technologies continued to charge ahead, chalking up gains of 26 sen to RM1.50.

As for glove makers, Top Glove climbed 20 sen to RM15.60 but Kossan lost 15 sen to RM8.13 while Hartalega shed 10 sen to RM10.98.

MQ Tech was the most active, up 1.5 sen to 6.5 sen with 506 million shares done. Iris added three sen to 17.5 sen with 210 units done. Permaju tumbled 8.5 sen to 33.5 sen.

Reuters reported equities and currencies across Asia's emerging markets struggled for traction as worries about a second wave of coronavirus infections kept investors on the sidelines, while impending dividend cuts drove a selloff in Thai banking stocks.

South Korea is in the midst of a second wave of coronavirus infections, health authorities said. Brazil officially passed 50,000 coronavirus deaths.

More than 8.98 million people have been reported to be infected by the coronavirus globally and 468,095 have died, a Reuters tally showed as of 0915 GMT on Monday.

The Shanghai Composite index was down 0.08% at 2,965.27, while the blue-chip CSI300 index was up 0.08%. The start-up board ChiNext Composite index climbed 1.01%, its highest since Jan 7,2016, Reuters reported.

In Japan, the benchmark Nikkei share average retreated from early slight gains and finished 0.18% lower at 22,437.27.

Hong Kong stocks ended lower as investors were wary after details of a new security law for the territory showed Beijing will have overarching powers on its enforcement.

The Hang Seng index fell 0.54% at 24,511.34. The Hang Seng China Enterprises index fell 0.96% to 9,879.02.

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KLCI , Telekom , KLCCP , Covid-19 , fresh infections


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