Top Glove, Hartalega lift gloom over Bursa, Genting ends lower

  • Markets
  • Friday, 21 Aug 2020

KUALA LUMPUR: Sustained buying of Top Glove and Hartalega lifted the gloom over the FBM KLCI which saw Maybank, RHB Bank and Genting coming under some pressure on Friday due to their exposure to Genting Hong Kong.

At 5pm, the KLCI was up 1.74 points or 0.11% to 1,577.12 on a late buying of selected stocks after a volatile day which saw drifting. Turnover was steady at 7.72 billion shares valued at RM5.02bil. There were 708 gainers, 390 losers and 385 counters unchanged.

Glove makers were again among the top gainers. More than 22.78 million people have been reported to be infected by the novel coronavirus globally and 792,837 have died, according to a Reuters tally.

Supermax was the top gainer, up 96 sen to RM21.90. Top Glove rose 86 sen to RM28 and added 3.44 points while Hartalega added 54 sen to RM17.74 and added 2.76 points.

Genting lost 23 sen to RM3.57 and GentingM eight sen to RM2.22 after cruise operator Genting Hong Kong Ltd fell on Thursday after saying it suspended all payments to creditors in a bid to maintain its critical services.

Maybank fell nine sen to RM7.55 and erased 1.22 points and RHB Bank eight sen to RM4.80 on concerns about their exposure to Genting HK.

IHH gained 21 sen to RM5.58. The healthcare company has operations in Turkey.

Reuters reported Turkey's lira bounced on Friday ahead of President Tayyip Erdogan's speech widely anticipated to be on a gas discovery in the Black Sea.

The lira firmed 0.6% against the greenback with focus on Erdogan's speech due later in the day, as the energy find he is expected to talk about could help Turkey cut its dependence on energy imports that has kept current account deficits high, the report said.

Public Bank lost 18 sen to RM17.30 and wiped out 1.08 points, CIMB was down three sen to RM3.43 but Hong Leong Bank gained six sen to RM14.60.

As for Petronas-linked stocks, Petronas Gas gained 45 sen to RM16.84 and lifted the KLCI by 1.6 points after its bumper dividend. Petronas Chemicals gained five sen to RM6.15 but Petronas Dagangan slipped six sen to RM20.44. Dialog edged up two sen to RM3.76.

Among plantations, Sime Plantation gained five sen to RM5.12, KLK six sen higher to RM22.66 and PPB Group edged up two sen to RM19.44. However, IOI Corp fell eight sen to RM4.45.

Consumer stocks were among the top gainers, with Dutch Lady up 90 sen to RM38.90, Ajinomoto 60 sen to RM16.78 and F&N 44 sen to RM32.74.

Reuters reported global stock markets enjoyed cautious gains on Friday, taking their cue from Wall Street tech shares, but tepid economic data and lofty valuations reined in the advances in the wake of huge rally that has wiped out coronavirus losses.

It added that global stocks advanced 0.2% while the pan-European STOXX 600 climbed 0.4% after healthy gains in Asian-Pacific bourses in the wake of U.S. tech shares closing higher on Thursday, shrugging off some sombre unemployment data in the world's top economy.

European stock markets also looked beyond fresh numbers painting a muted economic outlook with purchasing managers' index releases from France and Germany as well as the wider euro zone falling short of expectations, flagging a slowing momentum in the recovery.

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