Public Bank, Maybank drag KLCI into the red


  • Markets
  • Friday, 18 Sep 2020

KUALA LUMPUR: Late selling of Public Bank and Maybank pushed the FBM KLCI deeper into the red on Friday but Top Glove and Hartalega helped reduce the losses.

At 5pm, the KLCI was down 6.44 points or 0.43% to 1,506.63. Turnover was 6.86 billion shares valued at RM5.06bil. The broader market was slightly firmer with 629 gainers, 441 losers and 400 counters unchanged.

With the moratorium deadline at Sept 30 approaching, investors were seen reducing their shareholdings in banks.

Public Bank fell 56 sen to RM15.94 and erased 3.34 points from the KLCI while Maybank lost 16 sen to RM7.21 and wiped out 2.76 points., Hong Leong Bank fell 14 sen to RM14.76 and CIMB two sen to RM3.16.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the value of the loan repayment moratorium by financial institutions since April 1 is estimated at RM85.8bil. Of the amount, some RM30bil had benefited the business sector while RM55.8bil involved individuals, he said.

As for glove makers, Top Glove rose 19 sen to RM7.98 and added 2.38 points while Hartalega advanced six sen to RM14.16 but Supermax was 12 sen lower at RM7.60.

Weighing on the KLCI also was power giant Tenaga Nasional which fell 14 sen to RM10.90 and wiped out 1.22 points.

As for telcos, Axiata rose 10 sen to RM3.15 and gave the KLCI a 1.41 point lift, Maxis added nine sen to RM5.14 but Digi and TM fell seven sen each to RM4.08 and RM4.21.

As for plantations, KL Kepong lost 32 sen to RM22.38, PPB Group 36 sen lower at RM18.74 and Sime Darby Plantation lost 10 sen to RM5.03. IOI Corp added nine sen to RM4.48 and Genting Plantations 22 sen to RM10.10.

Scientex gained 33 sen to RM9.50 after its record profit of RM390mil for FY ended July 31,2020.

On the external front, China stocks staged a strong finish, led by heavyweight financials on hopes of fresh supportive measures to boost the virus-ravaged economy, while a strong yuan also helped lure foreign inflows, Reuters reported.

The blue-chip CSI300 index ended up 2.3% at 4,737.09, while the Shanghai Composite Index rose 2.1% to 3,338.09.

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