Political issues, Covid-19 weigh on Bursa

KUALA LUMPUR: As the political scenario heats up and the Covid-19 pandemic continues, market sentiment remained cautious on Bursa Malaysia except for selected counters like Mah Sing and FGV Holdings due to recent corporate announcements.

At 5pm, the FBM KLCI was down 10.11 points or 0.67% to 1,503.84. Turnover was 8.70 billion shares valued at RM4.76bil. There were 583 gainers, 488 losers and 431 counters unchanged.

The ringgit rose 0.12% against the US dollar to 4.1485.

Crude palm oil for third month delivery rose RM3 to RM2,869 per tonne. However, PPB Group fell 42 sen to RM19.08, KL Kepong 24 sen to RM21.66, IOI Corp 12 sen to RM4.20 and Sime Plantation three sen to RM4.92.

FGV ended four sen higher at RM1.11 but off the day's best of RM1.15 after Tan Sri Syed Mokhtar Albukhar's Perspective Land (M) Sdn Bhd expressed interest to participate in FGV via an injection of plantation assets in exchange for shares.

PLSB owns the Tradewinds group of companies, which include Tradewinds Plantation Bhd and Central Sugars Refinery Sdn Bhd.

Public Bank weighed the most on the KLCI, falling 24 sen to RM15.86 and erasing 1.92 points from the KLCI.

Maybank lost six sen to RM7.15, RHB Bank four sen to RM4.30 while Hong Leong Bank and CIMB were unchanged at RM15 and RM3.05.

US light crude oil fell 28 cents to US$40.68 and Brent 34 cents lower at US$42.82 and the decline weighed on the Petronas-linked stocks.

Petronas Chemicals fell 11 sen to RM5.86 and erased 1.82 points, Petronas Dagangan 84 sen lower to RM18.98 but Petronas Gas was flat at RM16. Dialog shed two sen to RM3.72.

Tenaga shed two sen to RM10, Genting four sen to RM2.99 and GentingM one sen to RM2.01. Sime Darby gained four sen to RM2.42.

Due to the overall weaker market sentiment, Sarawak Cable closed at 33 sen, or one sen below its offer price of 34 sen on its trading debut on the ACE Market.

It was actively traded with 304.94 million shares done at prices ranging from 33 sen to 38.5 sen.

Mah Sing rallied on plans to venture into glove production and healthcare to reduce its reliance on property ventures. It closed 22 sen higher at 94.5 sen but off the day's high of 97.5 sen.

Hartalega rose 32 sen to RM18.38 and pushed the KLCI up 2.26 points while Top Glove was flat at RM9.34. Kossan gained six sen to RM8.04 but Supermax shed four sen to RM10.50.

News about Permodalan Nasional Bhd weighing the sale of its stake in Chemical Company of Malaysia saw the shares close up 13 sen to RM1.63.

On the external front, key Asian markets were mixed. Japan's Nikkei 225 fell 0.41% but Hong Kong's Hang Seng Index added 0.94% and the Shanghai Composite 0.13% higher.

Taiwan's Taiex lost 0.6% and South Korea's Kospi 0.83% lower but Singapore's Straits Times Index gained 0.32%.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

FGV , Mah Sing , gloves , politics , Covid-19


Did you find this article insightful?


100% readers found this article insightful

Next In Business News

Slack’s CEO is back in the passenger seat after Salesforce deal
Natural gas to contribute RM400mil to public finances over next decade
SCIB units secure EPCC contracts worth RM271mil
Flipkart’s digital payments firm PhonePe to raise US$700mil from existing investors
Astro posts RM164.5mil profit in Q3�
Bursa rallies with over 900 counters in positive zone
More US-listed Chinese firms seen seeking backup listings
Cagamas prices RM2bil debt notes 30-45 bps above MGS, MGII
Corporate Singapore faces crunch time in rare clash with activist funds
Grab 'in a position to acquire' after Gojek merger report

Stories You'll Enjoy