Tech stocks top gainers, Top Glove, Tenaga power KLCI

  • Markets
  • Friday, 03 Jul 2020

KUALA LUMPUR: Tech and semicon related stocks were among the top gainers at midday on Friday as analysts upgraded the sector to Overweight from Neutral while the FBM KLCI was powered higher by Tenaga Nasional, Top Glove and Maybank.

At 12.30pm, the FBM KLCI was up 7.08 points or 0.46% to 1,543.36. Turnover was 3.9 billion shares valued at RM1.80bil. Advancers beat decliners two to one or 605 to 308 and 400 counters unchanged.

Key Asian markets also advanced with China's Shanghai Composite up 1.04%, Hong Kong's Hang Seng Index 0.7% and Singapore's STI 0.46%.

At Bursa, Dufu rose 47 sen to RM5.46, KESM 37 sen to RM7.85. Pentamaster 32 sen to RM5.65 while SAM Engineering gained 23 sen to RM7.93.

Glove makers also extended their gains with Top Glove up 42 sen to RM17.92 and lifting the KLCI by 1.75 points, Supermax 29 sen to RM9.25 while Kossan added 21 sen to RM9.32. Hartalega gained 16 sen to RM15.16.

Tenaga Nasional rose 18 sen to RM11.74 and added 1.58 points as UOB Kay Hian Malaysia Research (UOBKH) said a special dividend could be in store for Tenaga's shareholders.

The research house is assuming an 8% dividend yield for Tenaga, as it thinks the company can match its previous year’s RM1 per share net dividend per share.

“Tenaga’s balance sheet remained healthy with a cash pile of RM16bil as at March 31," it said.

Among the Petronas-linked stocks, Petronas Dagangan rose 20 sen to RM20.90, Petronas Chemicals 13 sen to RM6.68 and pushing the KLCIup 1.5 points while Petronas Gas added two sen to RM17. Yinson lost nine sen to RM5.91.

Crude palm oil for third month delivery rose RM23 to RM2,385 per tonne. As for plantations, Batu Kawan rose 20 sen to RM14.98 but IOI Corp fell 10 sen to RM4.38 and Sime Plantaion four sen to RM4.94.

Among the banks. Maybank gained nine sen to RM7.71 and added 1.56 points, Public Bank 16 sen to RM17.10, Hong Leong Bank four sen to RM14.50 but CIMB Bank shed three sen to RM3.66.

The ringgit dipped by 0.01% against the USW dollar to 4.2865.

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