Bursa holds on to gains at midday

  • Markets
  • Thursday, 02 Jul 2020

KUALA LUMPUR: Bursa Malaysia held on its gains at the midday break amid a firmer broader market as glove makers and Petronas Chemicals helped underpin the FBM KLCI’s gains.

At 12.30pm, the FBM KLCI was up 6.77 points or 0.45% to 1,521.20. Turnover was 3.17 billion shares valued at RM2.11bil. Advancers led decliners 514 to 350 while 418 counters were unchanged.

Bloomberg reported Asian stocks climbed after positive vaccine developments and US data tempered concern over a jump in Covid-19 coronavirus cases. Treasuries and the dollar held losses.

Hong Kong shares outperformed after returning from a holiday, despite the recent tensions over China’s new national security law over the city. Stocks in Australia, China, Japan and South Korea also rose.

At Bursa, Nestle was the top gainer, up RM1.30 to RM140, Dutch Lady added 46 sen to RM43.50, Carlsberg 36 sen to RM25.46. Ajinomoto lost 36 sen to RM16.74 and BAT six sen lower at RM10.64.

Top Glove was the top gainer among the glove makers, up 34 sen to RM17.48, Supermax 31 sen to RM8.80, Kossan 24 sen to RM9.16 while Hartalega gained 22 sen to RM15.

Among the plantations, United Malacca 25 sen higher at RM4.80 while PPB Group edged up 18 sen to RM17.76.

Petronas Chemicals rose 20 sen to RM6.45 but Hengyuan lost six sen to RM3.42. IHH extended its decline, slipping five sen to RM5.35.

As for telcos, Axiata was down seven sen to Rm3.48 and Telekom five sen to RM4.10.

Meanwhile, Kenanga Investment Bank Research had in its strategy report said with the KLCI at 1,514 currently, it sees a 6% downside risk as it places its year-end KLCI target at 1,422 – arrived at by applying 16.2 times on FY21 EPS of 87.8 sen.

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