Public Bank, Hong Leong Bank weigh but gloves rebound

  • Markets
  • Monday, 29 Jun 2020

KUALA LUMPUR: Selling of Public Bank and Hong Leong Bank weighed on the FBM KLCI early Monday, as Bursa Malaysia followed key Asian markets lower on the spread of the Covid-19 coronavirus but glove makers rebounded.

At 9.17am, the FBM KLCI was down 6.78 points or 0.46% to 1,481.36. Turnover was 833.07 million shares valued at RM253.98mil. The broader market was weaker with decliners beating advancers nearly three to one or 429 losers to 133 gainers and 281 counters unchanged.

Asian share markets got off to a shaky start on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and the US dollar, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2% and further away from a four-month top hit last week.

Japan's Nikkei shed 1.5% and South Korean stocks 1.4%. E-Mini futures for the S&P 500 lost 0.3%.

At Bursa last week, foreign funds continued to reduce their shareholdings in Malaysian equities with net selling at RM604.7mil but the selling pressure was well absorbed by local institutions and local retail investors at net RM242.2mil and RM362.5mil.

HLFG fell 18 sen to RM13.30, Public Bank lost 16 sen to RM16.40 and Hong Leong Bank 10 sen to RM14.10. Insurer Allianz was 14 sen lower at RM14.08.

Carlsberg fell the most, down 84 sen to RM24.64, Heineken 36 sen to RM22.12 while BAT shed 10 sen to RM10.74.

Hap Seng shed 20 sen to RM8.45. IJM skidded 14 sen to RM1.52 after posting losses.

Supermax rebounded 21 sen to RM7.06, Top Glove 20 sen to RM15.10, Comfort Glove 10 sen to RM2.87 and Hartalega six sen to RM12.

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