Blue chips eke out slight gains, Hong Leong Bank up


  • Markets
  • Tuesday, 22 Sep 2020

KUALA LUMPUR: Bursa Malaysia started Tuesday on a weak note after the overnight fall on Wall Street as the FBM KLCI traded in a narrow range in the absence of convincing catalysts to spur buying interest.

At 9.14am, the FBM KLCI was up a mere 0.02 of a point to 1,499.45. Turnover was 665.02 million shares valued at RM276.91mil. Decliners beat advancers more than two to one or 353 losers to 165 gainers and 329 counters were unchanged.

Asian stocks dipped at the open after US equities slid on concerns over coronavirus restrictions and prospects for economic stimulus. The dollar was steady after posting the biggest gain in three months, Bloomberg reported.

At Bursa on Monday, local institutions were net buyers at RM257.7mil while local retail investors stepped back from their buying to turn net sellers at RM1.7mil while foreign funds continued to put pressure on equities with net selling at RM256mil.

Hong Leong Bank rose the most and helped lift the KLCI. It was up 16 sen to RM15 with 9,000 shares done.

Sarawak Oil Palm added nine sen to RM3.99 and PPB Group eight sen to RM19.12.

SAM Engineering gained 13 sen to RM6.93, Frontken eight sen to RM3..33 and Greatec seven sen to RM5.94 but Vitrox lost 34 sen to RM12.46.

Scientex continued its advance on strong positive prospects, adding eight sen to RM9.98.

MMAG added eight sen to RM1.71. It has partnered with Green Packet Bhd to use the latter’s KiplePay e-wallet solution to pay and manage foreign workers’ salary digitally.

Supermax however lost 14 sen to RM7.15 on profit taking while Hartalega lost 10 sen to Rm13.90.

Bursa was down nine sen to RM8.50 and Aeon Credit eight sen to RM9.36.

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