Bursa ekes out slight gains as gloves and tech lead

  • Markets
  • Thursday, 10 Sep 2020

KUALA LUMPUR: Bursa Malaysia eked out slight gains early Thursday as investor sentiment was shored by the firmer overnight close on Wall Street, with glove makers and tech counters among the top gainers.

At 9.09am, the FBM KLCI was up 1.39 points or 0.09% to 1,498.11. Turnover was 466.02 million shares valued at RM262.52mil. There were 419 gainers, 94 losers and 240 counters unchanged.

Bloomberg reported Asian stocks opened firmer after US equities rebounded from a three-day rout, with buyers pushing the tech-heavy Nasdaq 100 to its best day since April. The dollar steadied after declines.

Shares rose in Japan, South Korea and Australia. S&P 500 futures fluctuated after the index rose the most since June, though finished well off session highs.

At Bursa on Wednesday, foreign funds made a surprising U-turn to emerge as net buyers at RM58.7mil and local retail players at RM190.1mil but local institutions were net sellers at RM248.8mil.

Maybank IB Research said technically, it expects the FBMKLCI to range between 1,475 and 1,530 on Thursday with downside supports at 1,475 and 1,435.

MPI was the top gainer, up 48 sen to RM17.36 and Unisem added 11 sen to RM3.48.

Kossan advanced 18 sen to RM11.14, Hartalega 14 sen to RM13.14, Top Glove 12 sen to RM7.27 and Supermax 12 sen also to RM7.60.

Among the consumer stocks, Heineken and Ajinomoto added 12 sen each to RM19.50 and RM16.10 but Nestle fell 80 sen to RM140 in thin trade.

Petronas Gas edged up 10 sen to RM16.70 but Petronas Dagangan lost 34 sen to RM20.84 and Petronas Chemicals five sen lower at RM5.55.

Maybank weighed on the KLCI, falling nine sen to RM7.36

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