KLCI higher in early trade, Hartalega, Petronas Gas advance

  • Markets
  • Wednesday, 23 Sep 2020

KUALA LUMPUR: Blue chips eked out slight gains in early Wednesday trade as the FBM KLCI was supported by Hartalega and Petronas Gas.

At 9.20am, the FBM KLCI was up 1.6 points or just 0.11% to 1,507.38. Turnover was 777.70 million shares valued at RM384.85mil. There were 281 gainers, 170 losers and 323 counters unchanged.

Rakuten Trade said due to the stronger overnight close on Wall Street, it expects regional markets to trend higher today after days of decline.

“We expect the FBM KLCI to maintain its upward momentum having performed solidly yesterday.

“Hence, we believe the benchmark index to test the 1,510 mark today after which the 1,520 would be the immediate resistance level, ” it said.

At Bursa Malaysia on Tuesday, it was a surprising turn of events as foreign funds emerged as net buyers at RM127.4mil as local institutions were net sellers at RM46.9mil and local retail investors at RM80.5mil.

Hartalega rose 12 sen to RM14.18 and Supermax 10 sen to RM7.80.

Petronas Gas added eight sen to RM16.58 in thin trade but Petronas Dagangan lost 10 sen to RM20.38.

United Plantations was the top gainer, adding 18 sen to RM14.98 with 500 shares done but PPB Group shed four sen to RM19.10.

JFTech added 11 sen to RM3.45. However, KESM fell the most, down 31 sen to RM8.10 in 4QFY20, after posting a core net loss of RM3.3mil due to lower FY20 core net profit of RM100,000, which was a 99% plunge from the previous corresponding quarter.

Public Bank shed four sen to RM15.82, Ranhill 3.5 sen to 84 sen and Takaful three sen to RM4.96.

On the external front, Bloomberg reported Asian stocks retreated with US futures as investors mulled remarks from Federal Reserve officials that pointed to a slow economic recovery. The dollar rebound extended as it pushed past key technical resistance.

Shares fell in Japan as traders returned from a holiday, while South Korean equities also declined. Nasdaq futures declined after disappointment from Tesla Inc.

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