Hartalega, Top Glove at record highs, lift KLCI to 3-wk high

  • Markets
  • Friday, 03 Jul 2020

The KLCI was up 16.37 points or 1.07% to 1,552.65 – the highest since June 11 – as the index extended its gains for five straight days.

KUALA LUMPUR: Sustained buying of Hartalega and Top Glove sent the glove makers to record highs and also helped power the FBM KLCI to the highest close in three weeks.

At 5pm, the KLCI was up 16.37 points or 1.07% to 1,552.65 – the highest since June 11 – as the index extended its gains for five straight days.

Turnover rose to 6.72 billion shares valued at RM3.81bil. The broader market was firmer with advancers beating decliners nearly two to one. There were 667 gainers, 355 losers and 418 counters unchanged.

World shares inched towards a four-month high and industrial bellwether metal copper was set for its longest weekly winning streak in nearly three years, as recovering global data kept nagging coronavirus nerves at bay, Reuters reported.

The market rally fuelled by record US jobs numbers had largely blown itself amid a spike in US Covid-19 cases, though the fastest expansion in China's services sector in over a decade and more stimulus ensured optimism remained.

The Shanghai Composite Index was the top gainer for the day among key Asian markets, up 2%, CSI 300 1.93%. Hang Seng Index ip 0.99% and NIkkei 225 0.72% higher.

At Bursa, among the glove makers, Hartalega rose RM1 to RM16 and powered the KLCI up 6.57 points while Top Glove climbed 96 sen to RM18.46 and lifted the index by 5.02 points. Supermax added 45 sen to RM9.41.

Tenaga's 20 sen gain to RM11.76 gave the index a 2.21 point boost as UOB Kay Hian Malaysia Research (UOBKH) said a special dividend could be in store for Tenaga's shareholders.

Most banks traded higher with Maybank added nine sen to RM7/71 and nudging the index bup by nearly two points, Public Bank 12 sen to RM17.06, RHB Bank five sen to RM4.92 and Hong Leong Bank four sen to RM14.50.

US light crude oil fell 56 cents to US$40.09 and Brent 53 cents lower at US$42.61.

As for oil and gas stocks, Petronas Chemicals gained 13 sen to RM6.68 and added 2.02 points, Petronas Dagangan 70 sen to RM21.40 but Petronas Gas and Dialog were flat at RM16.98 and RM3.73.

Sime Darby added four sen to RM2.13 but Genting fell two sen to RM4.19, GentingM three sen to RM2.58 and IHH was down six sen to RM5.39.

Among the plantations, IOI Corp lost eight sen to RM4.40, Sime Plantations two sen to RM4.96, KL Kepomg was flat at RM22.50 but PPB Group edged up four sen to RM17.86.

Crude palm oil for third month delivery reversed into losses, down RM15 to RM2,347 per tonne.

Semicon and tech stocks were among the gainers as AmInvestment Research upgraded its outlook on the technology sector to Overweight from Neutral for the 2H20 as the sector’s outlook remains resilient.

KESM rose 48 sen to RM7.96, Dufu 47 sen to RM5.46 and SAM Engineering 43 sen to RM8.13. However, MPI lost 20 sen to RM11.20.

The ringgit slipped against the US dollar by 0.01% to 4,2865.

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