Market in frenzy, volume surges past 2b shares in early trade


  • Markets
  • Thursday, 09 Jul 2020

Traders were very active in early Thursday trade, with penny stocks seeing heavy churning and pushing the total trading volume past two billion shares in less than half an hour.

KUALA LUMPUR: Traders were very active in early Thursday trade, with penny stocks seeing heavy churning and pushing the total trading volume past two billion shares in less than half an hour.

At9.27am, the FBM KLCI was up 0.21 point or a negligible 0.01% to 1,583.71. Turnover was 2.08 billion shares valued at RM540.10mil. Advancers beat decliners 335 to 241 while 375 counters were unchanged.

On Wednesday, total trading volume hit a fresh record high of 11.807 billion shares.

MQ Tech was unchanged at nine sen with 154.9 million shares, VC and DGB rose 0.5 sen each to 8.5 sen and DGB to 5.5 sen.

PDZ which saw over one billion shares traded on Wednesday was flat at 20.5 sen with 92.89 million units

Eduspec, Hubline, Luster, Fintex, MLabs and Huaan were also very actively traded.

Panasonic was the top gainer, up 46 sen to RM31.12, MBL 22 sen to RM1.56 and TimeCom 16 sen to RM11.16.

MPI climbed 24 sen to RM12.22, MI added 20 sen to RM3.53, Frontken 18 sen to RM3. However, KESM fell 15 sen to RM8.30.

Among the banks, Hong Leong Bank added 16 sen to R14.70 and Public Bank 14 sento RM18.14 while HLFG was up 20 sen to RM14.

Asian stocks saw a muted open as investors mulled continued US equity gains amid simmering tensions between Washington and Beijing. The dollar extended its decline, according to Bloomberg.

Shares saw modest gains in Sydney and Seoul, and dipped in Tokyo. Futures on the S&P 500 Index ticked higher after the gauge climbed to a one-month high on Wednesday, when advances in high-flying megacaps like Apple Inc. and Amazon.com Inc. sent the Nasdaq Composite to a record. Gold held above $1,800 an ounce.

At Bursa on Wednesday, foreign funds were net buyers at RM229.1mil but local institutions and local retail players turned net sellers at RM213.5mil and RM15.6mil.

Reuters reported Chinese state-run media warned in commentary on Thursday that investors should respect the market, manage risks and pursue rational investments, after Chinese stocks accelerated a recent rally and hit multi-year highs.

Shares in mainland China extended their winning streak into a seventh session on Wednesday, supported by hopes of an economic recovery, a conducive regulatory environment and retail investor enthusiasm.

Meanwhile, Reuters also reported oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in US gasoline demand was tempered by concerns about renewed lockdowns with Covid-19 infections surging in the United States.

US West Texas Intermediate (WTI) crude futures were unchanged at $40.90 a barrel at 0035 GMT, after rising 0.7% on Wednesday.

Brent crude futures inched up 3 cents to $43.32, after gaining 0.5% on Wednesday.

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penny stoks , frenzy , trading volume

   

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