Top Glove, Hartalega save the day for KLCI

  • Markets
  • Tuesday, 18 Aug 2020

If not for Top Glove and Hartalega, the KLCI would have ended much worse off.

KUALA LUMPUR: Fund buying of Top Glove and Hartalega powered the FBM KLCI up 26 points on Tuesday while most of the KLCI stocks were in the red.

The two stocks delivered a combined hefty 26 points to the KLCI, leaving all the other stocks including banks far behind, as investors opted for gloves as the Covid-19 pandemic showed no signs of slowing down.

At 5pm, the KLCI was up 17.11 points or 1.1% to 1,577.85. Turnover was 10.60 billion shares valued at RM6.92bil. However, the broader market was firmer with 665 gainers, 446 losers and 371 counters unchanged.

The world'slargest glove maker, Top Glove rose RM3.66 to RM26.08 and pushed the KLCI up 15.49 points while Hartalega added RM2 to RM17.56 and lifted the index by 10.71 points.

Top Glove has a weighting of 6.01 in the KLCI and Hartalega 5.28 points.

Supermax was the top gainer, surging RM4.10 to RM20.80 with 40.20 million shares. Kossan added RM2.32 to RM16 and Rubberex climbed RM1.29 to RM5.61.

However, banks fell with Maybank down 18 sen to RM7.63 and erasing 3.16 points from the KLCI, Public Banbk lost 14 sen to RM17.66, CIMB seven sen to RM3.50, Hong Leong Bank eight sen to RM14.60 and RHB Bank nine sen to RM4.87.

As for telcos, Axiata lost five sen to RM3.10, Maxis nine sen to RM5.01, but Telekom gained four sen to RM3.70 and Digi two sen to RM4.22.

US light crude oil fell 12 cents to US$42.77 per barrel and Brent five cents lower at US$45.32.

Among the Petronas-linked stocks, Petronas Dagangan fell 48 sen to RM21.02, Petronas Gas 10 sen to RM16.38 while Petronas Chemiclas' 12 sen fall to RM6.15 erased 1.5 points. Dialog edged up one sen to RM3.66.

Despite firmer crude palm oil prices, most of the KLCI plantations were in the red. CPO for third month deivery rose by RM27 to RM2,706 per tonne.

As for plantations, KL Kepong fell the most, dow 1`4 sen to RM22.58, Sime Plantatioon seven sen to RM5.05, IOI Corp one sen to RM4.55 but PPB Grpup added four sen to RM19.60.

Tenaga rose four sen to RM11.16, Sime Darby two sen to RM2.17 but GentingM shed six sen to RM2.35 and Genting three sen to RM3.89.

Optimax, which was listed on the ACE Market, jumped 38.5 sen to 68.5 sen with 106.80 million shares done.

Borneo Oil was the most active with 867.14 million shares done, down 0.5 sen to 6.5 sen.

Notion V-Tech continued to climb, adding 35 sen to RM1.53 while Green Packet lost 12 sen to 59 sen in active trade.

Spot gold climbed US$21.46 or 1.08% to US$2,006.76 per oz as the dollar weakened to a more than two-year low.

The ringgit was firmer against the US dollar, up 0.17% to 4.1838.

Among the key Asian markets, Japan's Nikkei 225 fell 0.2%, Hong Kong's Hang Seng Index added 0.08%, China's Shanghai Composite gained 0.36%, South Korea's Kospi slumped 2.46% while Singapore's Straits Times Index shed 0.33%.

South Korea tightened social distancing rules on Tuesday as it reported a three-digit increase in novel coronavirus cases for a fifth day and authorities scrambled to trace hundreds of members of a church congregation, Reuters reported.

The Korea Centers for Disease Control and Prevention (KCDC) reported 246 new cases as of midnight on Monday, bringing its total infections to 15,761, with 306 deaths.

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Optimax , Top Glove , Hartalega


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