Mah Sing surges in active trade, Bursa advances


KUALA LUMPUR: Mah Sing Group’s proposed venture into glove making and related healthcare saw the share price surging in early Friday trade and helping to lift investors’ mood.

At 10.01am, the FBM KLCI was up 3.89 points or 0.26% to 1,517.84. Turnover was 1.82 billion shares valued at RM1.15bil. There were 411 gainers, 264 losers and 404 counters unchanged.

At Bursa on Thursday, local retail investors were net buyers at RM46.9mil and local institutions at RM600,000 only while foreign funds were net sellers at RM47.6mil.

Mah Sing rose 21 sen to 93.5 sen with 258.21 million shares done while its call warrants also rallied. Mah Sing-C24 jumped 17.5 sen to 24 sen and C22 gained 15 sen to 23 sen.

AmInvest Research maintained its Buy call on Mah Sing with a higher fair value of RM1.50 per share from 99 sen, based on sum-of-parts valuation.

Consumer stocks were also among the gainers, with F&N up 46 sen to RM32.86 with just 100 shares done while Carlsberg added 30 sen to RM19.20.

Meanwhile, Southern Cable Group was up one sen to 35 sen when it made its debut on the ACE Market. There were 238.59 million shares traded.

Bursa rose 18 sen to RM8.98 and Scientex 16 sen to RM11.66.

Petronas Dagangan fell the most, down 34 sen to RM19.48 while PetronM shed six sen to RM3.26.

As for plantations, NSOP fell 16 sen to RM2.74 and KL Kepong 14 sen to RM21.76 while United Plantations shed six sen to RM14.66.

Public Bank fell six sen to RM16.04.

On the external front, Reuters reported Asian stocks came under pressure as investors sought safe havens, such as the US dollar, fearing that a resurgence in coronavirus cases and a lack of additional US fiscal stimulus would hobble the world economy.

US President Donald Trump's offer on Thursday to raise the size of a fiscal stimulus package to win the support of Republicans and Democrats helped narrow Wall Street losses, though many investors still believe a deal is unlikely before the Nov 3 election.

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Mah Sing , gloves , Southern Cable

   

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