Cautious start for Bursa as PChem, Public Bank, Top Glove weigh

  • Markets
  • Thursday, 30 Jul 2020

KUALA LUMPUR: Bursa Malaysia got off Thursday on a cautious footing with Petronas Chemicals, Public Bank and Top Glove weighing on the FBM KLCI.

At 9.21am, the FBM KLCI was down 3.62 points or 0.22% to 1,607.80. Turnover was 1.74 billion shares valued at RM650.21mil. There were 319 gainers, 222 losers and 363 counters unchanged.

Asian stocks saw modest gains Thursday after a signal from the Federal Reserve that more stimulus will be provided pushed U.S. equities higher and weighed on the dollar, Bloomberg reported.

Shares climbed in Tokyo and Sydney with stocks in Seoul given an extra boost as earnings at Samsung Electronics Co. topped estimates.

At Bursa on Wednesday, local retail investors held the fort with net buying at RM203.3mil while local institutions were net sellers at RM109.7mil and foreign funds at RM93.6mil.

Stock market operator Bursa extended its losses for the fourth straight day after hitting a record high and announcing a strong set of second quarter results. It fell 21 sen to RM9.39 on rising volume.

Petronas Chemicals fell 13 sen to RM6.15, PPB Group and Public Bank 10 sen each to RM19.40 and RM17.44 while Top Glove stepped back with a six sen decline to RM26.08.

Other decliners were PNE PCB and MY EG, both down six sen each to RM1.03 and RM1.31 while Gamuda lost five sen to RM3.58.

Kossan rose 30 sen to RM18.22, Rubberex and Adventa 18 sen each to RM5.22 and RM2.57 while Supermax climbed 16 sen to RM18.84.

MFCB rose 30 sen to RM6.76 and MPI 20 sen to RM12.90.

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