Bursa cautious as Maybank, HL Bank slip but gloves edge higher

KUALA LUMPUR: Bursa Malaysia started Thursday on a cautious note after the selling the previous day with Maybank and Hong Leong Bank posting some losses but gloves edged higher.

At 9.17am, the FBM KLCI was just 0.01 of a point higher at 1,492.41. Turnover was 714.08 million shares valued at RM384.42mil. There were 260 gainers, 233 losers and 342 counters unchanged.

Bloomberg reported US equity futures retreated with Asian shares and the dollar edged higher after American intelligence officials said that Russia and Iran have attempted to interfere in next month’s presidential election.

The wire said S&P 500 contracts dropped after a volatile session Wednesday amid signs that a US stimulus package is unlikely to become law before the election. Australian and Japanese shares also fell.

At Bursa on Wednesday, foreign funds were again net sellers at RM162.7mil and local institutions at RM9.4mil but the selling was well absorbed by local retail investors who were net buyers at RM172.1mil.

Kossan rose RM27 to RM7.59 and Hartalega 10 sen to RM17.94.

As for tech and semicon stocks, MPI rebounded 26 sen to RM20.34 and JFTech 10 sen to RM4.39 but Unisem lost six sen to RM4.07.

MCE Holdings jumped 14 sen to RM1.47 while Nationwide surged nine sen to 22 sen, GETS rose eight sen to RM1.05 and Naim 7.5 sen to 94 sen.

HLFG fell 10 sen to RM14.42, HL Bank six sen to RM14.94 and Maybank five sen to RM7.10.

Petronas Dagangan was the top loser, down 32 sen to RM17.56.

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