PetDag, gloves nudge KLCI above key 1,500 level

  • Markets
  • Tuesday, 30 Jun 2020

KUALA LUMPUR: Petronas Dagangan and glove makers helped push the FBM KLCI above the key 1,500 level early Tuesday, which was the last trading day of the second quarter, as investor sentiment was emboldened by the firmer Wall Street closing.

At 9.10am, the KLCI was up 6.29 points or 0.42% to 1,500.72. Turnover was 502.08 million shares valued at RM301.17mil. There were 387 gainers, 103 losers and 236 counters unchanged.

Asian stocks opened higher, set to round out their best quarter since 2009 in a rebound from a devastating start to the year, as optimism about a recovery overshadows concerns over an increase in US Covid-19 coronavirus cases, according to Bloomberg.

Benchmarks rose more than 1% in Japan, Australia and South Korea.

Bloomberg ralso eported the World Health Organization warned the worst of the coronavirus pandemic is still to come because of a lack of global solidarity.

More US areas took steps to scale back reopenings, with Arizona closing bars and New Jersey halting plans for indoor dining.

Daily deaths in Iran reached a record, while cases in Austria rose to the highest level since mid-May, it reported.

The spike in infections helped drive the rally in glove makers’ share prices on Bursa again, powered by local retail buying.

At Bursa on Monday, local retail investors were net buyers at RM38.5mil while local institutions were net sellers at RM25.8mil and foreign funds at RM12.7mil.

Top Glove rose 28 sen to RM15.98, Supermax 27 sen to RM7.99, Rubberex 22 sen to RM3.20 and Hartalega 12 sen to RM12.62. Careplus climbed three sen to RM1.49, HLT and its warrants added 3.5 sen each to 71.5 sen and 48 sen.

Petronas Dagangan advanced 30 sen to RM20.90, QL Resources 28 sen to RM9.78 while plantations PPB Group was up 22 sen to RM17.86 and KL Kepong 14 sen to RM22.34.

A turnaround in Sapura Energy to profitability saw its share price climb one sen to 10 sen and it was the most active with 46.10 million shares.

F&N fell the most, down 40 sen to RM31.66, Nestle 30 sen to RM138.50, Heineken 20 sen to RM22.30 and Ajinomoto six sen to RM16.52.

IOI Corp fell 12 sen to RM4.25, IHH eight sen to RM5.52 while Scientex six sen lower to RM8.75.

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