Top Glove, Hartalega lift KLCI in early trade

KUALA LUMPUR: Bursa Malaysia managed to extricate itself from the red in early Friday trade, aided by gains in Top Glove and Hartalega, as investors’ sentiment steadied despite the overnight fall on Wall Street.

At 9.14am, the FBM KLCI was up 1.07 points or 0.07% to 1,514.14. Turnover was 558.95 million shares valued at RM364.23mil. There were 244 gainers, 225 losers and 313 counters unchanged.

At Bursa on Thursday, local retail investors were net buyers at RM144 but local institutions were net sellers at RM59.7mil and foreign funds at RM84.7mil.

Bloomberg reported stocks in Asia opened slightly higher Friday, on course to climb for the first week in September as investors look for the next catalyst to reignite the rally. The dollar steadied after Thursday’s gyrations.

Shares in Japan, South Korea and Australia gained. S&P 500 futures ticked higher.

Meanwhile Brent oil futures extended gains to settle up US$1.08 or 2.56% at $43.30 a barrel. U.S. crude futures settled higher by 81 cents, or 2.02% at $40.97 a barrel. Both contracts rose more than 4% on Wednesday, Reuters reported.

Oil prices rose more than 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts.

Top Glove rebounded 21 sen to RM8 with 13.6 million shares as Thursday’s selling was seen as overdone while Hartalega added 16 sen to RM14.26. HLT rose 10 sen to RM1.66.

Public Bank fell 16 sen to RM16.34, extending its losses from the previous day.

Ancom-WB surged 18.5 sen to 19.5 sen, CHHB added 16 sen to RM1.35 while Petronas Gas was up 12 sen to RM16.68.

F&N fell the most, down 74 sen to RM32.12, Nestle 33 sen lower at RM140.30 and Carlsberg 24 sen to RM21.36.

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