KLCI rebound loses steam by midday


  • Markets
  • Friday, 26 Jun 2020

KUALA LUMPUR: The FBM KLCI ended the morning session unchanged after bouncing higher at the opening bell.

The key index was flat against the previous closing price at 1,489.2 at midday with trading value extending its decline from previous sessions. A total of 2.69 billion shares were traded for a value of RM1.1bil in the early trading session.

Asian markets rebounded after a sharp sell-off yesterday as the US reported a growing rate of coronavirus infections. Downgraded economic projections by international financial bodies such as the IMF and World Bank also added to the selling pressure in risk assets.

Japan's and South Korea's markets were each 1.4% higher. China's markets remained closed for a national holiday while Hong Kong's market reopened following a one-day break only to slide 0.6% on Covid-19 fears.

Markets in Southeast Asia were mostly higher, led by Thailand's stock exchange, which rose 1.3% and Singapore's Straits Times Index, which gained 0.9%.

On Bursa Malaysia, Axiata saw some investor interest on news that it had sold a 21.9% stake in its fintech unit Boost Holdings to Great Eastern for US$70mil. Shares in the telco rose nine sen to RM3.48.

Ajinomoto was also lifted by its positive earnings results, adding 74 sen to RM15.74.

KLCI heavyweights on the rise included Maybank adding two sen to RM7.63 and Petronas Chemicals climbing five sen to RM6.38.

However, Top Glove partially offset the day's advance as it slipped 38 sen to RM15.12. Hartalega was also down 14 sen to RM11.96.

Most actively traded on the bourse were Anzo up three sen to 18 sen, VSolar unchanged at 5.5 sen and AppAsia down seven sen to 33.5 sen.

Traders on the oil market shored up crude prices despite the risk of further demand disruptions from the coronavirus. US crude rose 52 cents to US39.24 a barrel and Brent crude gained 61 cents to US$41.66 a barrel.

On the forex market, the ringgit was 0.1% lower against the US dolalr at 4.2822. It was flat against the pound sterling at 5.3243 and 0.2 % lower against the Singapore dollar at 3.0791.
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Bursa Malaysia , FBM KLCI , crude oil , ringgit , equities

   

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