No respite for Bursa as glove makers sold

  • Markets
  • Wednesday, 09 Sep 2020

At Bursa, where the rally was solely driven by retail investors in recent months, profit taking of glove makers had picked up pace.

KUALA LUMPUR: Bursa Malaysia closed lower on Wednesday as the Wall Street tech sell-off contagion effect spread to key Asian markets.

The FBM KLCI was dragged into the red at the start of trade due to selling of Hartalega, Top Glove, IHH Healthcare and Tenaga Nasional and it remained in the negative zone throughout the day.

At 5pm, the KLCI was down 22.6 points or 1.49% to 1,496.72 and year-to-date, it is down nearly 6%. Turnover on Bursa was 7.69 billion share valued at RM4.89bil. There were 314 gainers, 846 losers and 325 counters unchanged.

Key Asian markets closed lower also with Japan's Nikkei 225 down 1.04%. Hong Kong's Hang Seng Index 0.63%, Shanghai Composite 1.86%, South Korea's Kospi 1.09% and Singapore's Straits Times Index 0.14%.

At Bursa, where the rally was solely driven by retail investors in recent months, profit taking of glove makers picked up pace.

Top Glove fell 49 sen to RM7.15 and erased 6.05 points from the KLCI while Hartalega lost 60 sen tp RM13 and wiped out 3.12 points.

The biggest loser was Kossan, which fell 10.5% or RM1.54 to RM10.96 followed by Supermax, 93 sen lower to RM7.48 while Careplus lost 23 sen to RM2.62.

IHH Healthcare lost 33 sen to RM5.35 and wiped out 3.12 points from the KLCI. Pharmaniaga was flat at RM4.56, coming off from its intra-day low of RM4.35. Duopharma lost seven sen to RM2.97.

Among the semiconductor and tech related stocks, MPI fell 92 sen to RM16.88 and KESM 17 sen to RM8.61. However, Unisem rose 10 sen to RM3.37, Globetronics eight sen to RM2.65 and Inari three sen to RM2.10. UWC climbed 15 sen to RM6.01.

Maybank fell five sen to RM7.45, CIMB three sen to RM3.20, Hong Leong Bank two sen to RM14.78 but Public Bank gained 10 sen to RM16.10.

Oil futures clawed back some of the losses they sustained in the previous session, but a rebound in Covid-19 cases in some countries undermined hopes for a steady recovery in global demand, Reuters reported. Brent crude was up 60 cents to US$40.38 and US crude gained 74 cents to $37.50 a barrel.

Petronas Dagangan fell 44 sen to RM21.18, Petonas Gas 18 sen to RM16.60 and Petronas Chemicals seven sen to RM5.60 while Dialog shed one sen to RM3.64.

Crude palm oil for third month delivery fell RM18 to RM2,853 per tonne. Sime Plantation added three sen to RM5.12. However, IOI Corp fell two sen to RM4.43, PPB Group 10 sen to RM18.56 and KL Kepong 28 sen to RM22.32.

Weighing on the KLCI also were Tenaga, which fell 14 sen to RM11.18, MISC 12 sen to RM7.52 while Genting and GentingM shed one sen each to RM2.32 and RM3.57.

The ringgit weakened by 0.1% against the US dollar to 4.1718.

Spot gold fell 77 cents to US$1,931.26 per troy ounce.

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