Blue chips slip early Wednesday trade, gloves rally


  • Markets
  • Wednesday, 05 Aug 2020

KUALA LUMPUR: Blue chips fell in early Wednesday trade with plantations and Public Bank dragging the FBM KLCI into the red again.

At 9.26am, the KLCI was down 2.97 points or 0.19% to 1,572.97. Turnover was 1.79 billion shares valued at RM1.13bil. The broader market was firmer with 418 gainers, 244 losers and 321 counters unchanged.

Bloomberg reported Asian stocks opened mixed as investors mulled the progress of stimulus talks in Washington and reports of a plan to review the U.S.-China trade deal. Gold touched a record high. Shares fell in Japan and Australia but rose in South Korea.

At Bursa on Tuesday, foreign funds stepped up their net selling to RM250.9mil but the selling was well absorbed by local institutions which were net buyers at RM181.8mil and local retail investors at RM69.1mil.

In Wednesday's trading, KL Kepong fell the most, down 58 sen to RM22.62 and PPB Group 14 sen to RM18.72.

Among the finance stocks, HLFG was down 12 sen to RM12.74 while Public Bank and insurer LPI shed eight sen each to RM16.62 and RM13.02.

MISC lost 10 sen to RM7.75 and UMW eight sen to RM2.42.

As for Nestle, it recouped part of the previous day’s losses to climb 80 sen to RM139.80 with 1,100 shares done.

Bursa regained its momentum, added 47 sen to RM10.42, underpinned by the huge trading volume involving penny stocks.

Supermax rose 60 sen to RM23.02, Kossan 56 sen to RM19.40, Adventa 37 sen to RM5.04 and Rubberex 30 sen to RM7.02 while Hartalega added 24 sen to RM20.18.

Even condom maker Karex jumped 20 sen to RM1.17 with 33.35 million shares.

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