Top Glove, Hartalega continue to underpin KLCI’s gains


  • Markets
  • Tuesday, 07 Jul 2020

KUALA LUMPUR: Top Glove and Hartalega continued to underpin the FBM KLCI’s advance and keeping the stock market on track for the seventh straight days of gains.

At 9.08am, the FBM KLCI was up 6.53 points or 0.41% to 1,583.43. Turnover was 677.66 million shares valued at RM355.37mil. There were 387 gainers, 127 losers and 277 counters unchanged.

Bloomberg reported Asian stocks were mixed after strong global gains Monday that saw US shares close higher for a fifth day. The dollar remained under pressure.

Shares dipped in Japan and saw modest gains in South Korea and Australia. S&P 500 futures climbed after the benchmark rallied for a fifth session, with tech gains pushing the Nasdaq Composite to a record high, according to the wire report.

At Bursa on Monday, foreign funds were net buyers at RM79.9mil and local institutions at RM61.2mil while local retail investors took money off the table with net selling at RM141.1mil.

Bank Negara’s Monetary Policy Committee meeting is set to deliver its decision on the overnight policy rate this afternoon. A pool among economists had indicated the central bank could reduce the OPR by another 25 basis points to 1.75%.

Top Glove rose 74 sen to RM20.70, Kossan 56 sen to RM10.94, Hartalega 40 sen to RM16.90, Supermax 30 sen to RM10.66.

AirAsia fell 2.5 sen to 87 sen with 22.9 million shares after it posted losses in the first quarter ended March 31, battered by travel curbs due to onset of the Covid-19 pandemic then.

AmInvest Research was maintaining its Sell recommendation on AirAsia after the low-cost carrier disappointed in 1QFY20 with a core net loss of RM502mil vs. its full-year forecast and the full-year estimates of RM1.48bil and RM1.05bil net loss respectively.

Petronas Gas fell 12 sen to RM17.38, BAT eight sen to M10.62, Latitude six sen to RM2.12, QL Resources six sen to RM9.67.

MAHB, Telekom and Tenaga lost six sen each to RM5.68, RM4.15 and RM11.82 respectively.

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