Top Glove, Hartalega weigh on KLCI, broader market weaker

  • Markets
  • Friday, 14 Aug 2020

Glove makers were among the top losers list.

KUALA LUMPUR: Top Glove and Hartalgea weighed on the FBM KLCI on Friday as the worse-than-expected 2Q GDP startled investors and saw the broader market weakening.

At 5pm, the KLCI was down 11.83 points or 0.75% to 1,564.59, mainly due to the combined losses of the two glove counters.

Turnover was seen easing to 10.45 billion shares valued at RM5.15bil. Decliners beat advancers 981 to 213 while 290 counters were unchanged.

The economy shrunk by 17.1% in the second quarter ended June 30 as it was seriously impacted by the movement control orders, especially in April, which was a much deeper contraction compared with a Bloomberg survey of 10.9%.

Bank Negara Malaysia lowered its forecast for the economy this year due to the impact of the Covid-19 pandemic and it expected negative growth of between 3.5% and 5.5% this year before rebounding 5.5% to 8% next year.

Glove makers were among those in the top losers list.

Top Glove fell RM1.18 to RM23.82 and erased 6.43 points from the KLCI while Hartalega lost 54 sen to RM16.02 and wiped out 3.73 points.

Supermax pulled back from recent record highs to close RM1.56 lower at RM17.92. Kossan lost 70 sen to RM14.40, Rubberex 40 sen to RM4.60 and Comfort 34 sen to RM3.86.

Adventa ended 24 sen lower at RM2.54, Careplus lost 18 sen to RM3.35 and HLT 14 sen to RM1.47.

Even healthcare stocks came under some pressure with Pharmaniaga down 29 sen to RM4.33, Apex Healthcare 24 sen to RM3.44 and Duopharma 23 sen to RM2.92.

Nestle was the top loser of the day, sliding RM3.90 to RM139.50, F&N 42 sen to RM32, Carlsberg 34 sen to RM23.20 and Dutch Lady 18 sen to RM38.90.

Semicon stocks were not spared either with Vitrox down 28 sen to RM11.70 and Greatec 17 sen to RM6.21.

US light crude oil fell 36 cents to US$41.88 and Brent 39 cents lower at US$44.57. Among the energy stocks, Petronas Gas added 18 sen to RM16.265, Petronas Chemicals was flat at RM6.02 while Petronas Daggan lost 20 sen to RM21.

As for banks, Maybank and Public Bank were flat at RM7.80 and RM17.80 whuile RHB Bank lost six sen to RM4.94 and CIMB five sen to RM3.55 while Hong Leong Bank lost 28 sen to RM14.74.

Among the telcos, Digi rose four sen to RM4.16, Axiata three sen to RM3.18, Maxis and TM lost two sen each to RM5.12 and RM3.78.

Crude palm oil for third month delivery fell RM33 to RM2,683 per tonne. Sime Plantation and KL Kepong lost four sen each to RM5.11 and RM22.66, IOI Corp was flat at RM4.50 but PPB Group rose 10 sen to RM19.20.

Spot gold fell US$8.10 to US$1,945.60 per ounce.

The ringgit weakened by 0.04% against the US dollar to 4.1932.

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?


100% readers found this article insightful

Across the site