Bursa closes off day's low, Public Bank, Maybank weigh


  • Markets
  • Thursday, 30 Jul 2020

KUALA LUMPUR: Bursa Malaysia's FBM KLCI closed off the day's low on Thursday on some buying of key index stocks but concerns about the political environment were not quick to go away.

The KLCI fell more than 26 points around 4pm to a low of 1,584.95 on uncertainties following the political crisis in Sabah.

This led to a dissolution of the state assembly after attempts were made to overthrow the current state government with elected representatives switching sides.

On a less intense political development, Umno president Datuk Seri Dr Ahmad Zahid Hamidi reaffirmed his party’s earlier decision not to formally join Perikatan Nasional if the ruling pact registers as a formal coalition.

Instead, Umno will remain dedicated to the Muafakat Nasional pact it has with PAS. The party’s decision against formally joining the Perikatan pact does not mean that it’s withdrawing support from the government, he added.

At 5pm, the KLCI had erased two-third of the losses to close down 7.67 points or 0.48% to 1,603.75 while year-to-date, it is just up 0.94%.

The market capitalisation of the30 KLCI stocks is now RM1.04 trillion mainly due to massive gains by Top Glove and Hartalega.

Turnover was high at 11.91 billion shares valued at RM6.15bil. The broader market was weaker with 688 losers to 390 gainers and 416 counters unchanged.

Public Bank fell the most, down 54 sen to RM17 and erasing 4.26 points from the KLCI. Maybank fell eight sen to RM7.67 and wiped out 1.83 points, CIMB one sen to RM3.59 and HL Bank unchanged at RM15. RHB Bank was up two sen to RM5.02.

Bursa extended its losses for the third day, down 31 sen to RM9.29, after hitting a record high in intra-day trade on Ttuesday ahead of the release of its strong second quarter results.

US light crude oil fell 63 cents or 1.53% to US$40.64 and Brent 59 cents lower or 1.35% to US$43.16.

Petronas Chemicals lost 10 sen to RM6.18 and erased 1.62 points but Petronas Gas bounced back to climb 20 sen to RM16.80 while Petronas Dagangan added two sen to RM21.50. Dialog eked out a three sen gain to RM3.79.

Top Glove fell 26 sen to RM25.88 and erased 1.43 points but Hartalega advanced 16 sen to RM20.28 and added 1.11 points. Kossan added 32 sen to RM17.60.

Crude palm oil for third month delivery rose RM33 t RM2,678 per tonne.

As for plantations, BLD Plantation fell 40 sen to RM6, Batu Kawan 30 sen to RM15.30 and KLK 28 sen to RM15.30. PPB Group was up 20 sen to RM19.70, Sime Plantation six sen to RM5.21 and IOI Corp three sen to RM4.58.

Tenaga added two sen to RM11.44, IHH Healthcare fell eight sen to RM5.40, Genting two sen to RM3.83 and GentingM one sen to RM2.28.

Among the telcos, Axiata fell fove sen to RM3.20, Maxis three sen to RM5.30 but TM edged up two sen to RM4 and Digi flat at RM4.25.

The ringgit edged up 0.09% to 4.2393 against the US dollar.

Spot gold fell US$18.61 or 0.94% to US$1,952.17 per troy ounce.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Across the site