Top Glove, banks drag KLCI into the red

  • Markets
  • Thursday, 17 Sep 2020

Top Glove lost 64 sen to RM7.79 and wiped out eight points from the KLCI.

KUALA LUMPUR: Top Glove and banks dragged the FBM KLCI deeper into the red at the close on Thursday, in line with the weaker key Asian markets as hopes for a US stimulus programme faded after the US Federal Reserve meeting.

At 5pm, the KLCI was down 18.2 points or 1.19% to 1,513.07. Turnover was 7.52 billion shares valued at RM6.20bil. Decliners beat advancers nearly two to one or 768 losers to 376 gainers and 369 counters unchanged.

Among the banks, Maybank fell 13 sen to RM7.37 and erased 2.23 points, Public Bank was down 20 sen to RM16.50 and wiped out 1.18 points while CIMB shed five sen to RM3.18 but Hong Leong Bank gained 10 sen to RM14.90.

As for glove makers, Top Glove lost 64 sen to RM7.79 and wiped out eight points after the late buying on Tuesday. Hartalega was flat at RM14.10 but Kossan added 30 sen to RM12.

Supermax skidded 65 sen to RM7.72, Careplus 47 sen to RM2.77, Comfort 41 sen to RM3.65 and Adventa 36 sen lower at RM2.34.

As for plantations, Sime Plantation edged up one sen to RM5.13 but IOI Corp lost seven sen to RM4.19.KL Kepong eight sen to RM22.70 but PPB Group was up 40 sen to RM19.10.

Power giant Tenaga was up four sen to RM11.04 but MISC fell 15 sen to RM7.58. Sime Darby added three sen to RM2.37.

MMAG jumped 31 sen to RM1.80 with 49.23 million shares done as investors chased the stock. It had entered into an exclusive partnership agreement with JR Joint Resources Holdings Sdn Bhd to provide total management solutions of foreign workers for China Communications Construction (ECRL) Sdn Bhd (CCCECRL).

Petronas Chemicals lost nine sen to RM5.60, Petronas Dagangan 26 sen to RM23.32 but Petronas Gas added two to sen to RM16.56.

Reuters reported oil prices fell as US producers in the Gulf of Mexico prepared to resume output following Hurricane Sally, and on concerns about that the coronavirus pandemic was showing few signs of slowing.

Brent crude fell 15 cents, or 0.4%, to $42.07 a barrel at 0832 GMT, after climbing 4.2% on Wednesday.

US West Texas Intermediate (WTI) crude was down 17 cents, or 0.4%, at $39.99 a barrel, after jumping 4.9% on Wednesday.

Reuters reported the dollar stirred and equities recoiled after a divided US Federal Reserve dented stimulus hopes. MSCI's broadest index of Asia-Pacific shares outside Japan had lost 1% overnight after five straight days of gains, Reuters reported.

Hong Kong’s Hang Seng was down 1.66% while Japan's Nikkei 225 fell 0.67% and China's Shanghai Composite lost 0.41%.

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