Glove makers continue to underpin KLCI’s advance

  • Markets
  • Thursday, 02 Jul 2020

KUALA LUMPUR: Worries about fresh Covid-19 infections globally continued to see investors pile into glovemakers Hartalega and Top Glove and helping to push the FBM KLCI higher in early Thursday trade.

At 9.28am, the KLCI was up 4.47 points or 0.3% to 1,518.90. Turnover was 941.88 million shares valued at RM592.20mil. There were 329 gainers, 222 losers and 315 counters unchanged.

Bloomberg reported Asian stocks saw modest gains after positive vaccine developments and U.S. data tempered concern over a jump in coronavirus cases and tensions over Hong Kong.

Shares edged higher in Japan, Australia and South Korea. U.S. futures were little changed after the S&P 500 rose for a third day and the Nasdaq Composite jumped to a record.

At Bursa on Wednesday, local institutions were net buyers at RM180.9mil while local retail investors took some money off the table and were net sellers at RM38.3mil and foreign funds at RM142.1mil.

Oil prices slipped in early trade on Thursday after California reimposed some coronavirus lockdown measures, stoking worries a resurgence in Covid-19 cases will stall a recovery in fuel demand, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.3%, to $39.69 a barrel at 0024 GMT, trimming a 1.4% rise from Wednesday.

Brent crude futures fell 15 cents, or 0.3%, to $41.89 a barrel, after rising 1.8% in the previous session.

Hartalega climbed 64 sen to RM15.42, Top Glove 60 sen to RM17.74, Kossan 55 sen to RM9.47 and Supermax 47 sen to RM8.96.

Other gainers were United Plantations, up 26 sen to RM13.46 and Carlsberg 20 sen to RM25.30.

Nestle fell the most, down 30 sen to RM138.40, Hap Seng 11 sen to RM20.54, PPB Group and HL Bank eight sen lower at RM17.50 and RM14.12.

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