Hartalega's strong earnings boost KLCI

KUALA LUMPUR: Hartalega’s strong earnings, tracking the surge in Top Glove's recent results helped tip the FBM KLCI above the crucial 1,500 level on Tuesday.

Some calm returned to the political situation while the surge in the Covid-19 infections helped boost glove makers.

At 5pm, the KLCI was up 5.74 points or 0.38% to 1,500.35. Turnover was 4.71 billion shares valued at RM4.10bil. Advancers led decliners 620 to 375 while 444 counters were unchanged.

Econframe, which was listed on the ACE Market, ended its trading debut at 37 sen, up nine sen. It was the most active with 294.54 million shares done.

MR DIY, which was listed on the Main Market on Monday, shed one sen to RM1.74. Its offer price was RM1.60.

Hartalega, whose net profit jumped 424% to RM544.96mil in the second quarter ended Sept 30,2020 from RM103.86mil a year ago, rose 60 sen to RM18.82. It pushed the KLCI up 3.18 points.

Top Glove rose 21 sen to RM8.91 and nudged the KLCI up 2.66 points. Supermax jumped 57 sen to RM9.78. Mah Sing rose two sen to RM1.

Tech and semicon stocks fared well except for JF Tech. KESM gained 78 sen to RM9, MPI 74 sen to RM22.54, Unisem gained 23 sen to RM5.13 but Vitrox shed four sen to RM14.56. JF Tech lost 64 sen to RM4.16.

As for consumer stocks, Dutch Lady fell 60 sen to RM35.40, Carlsberg 40 sen to RM19, Nestle 30 sen to RM141.70, Heineken 26 sen to RM18.56 and F&N 22 sen to RM31.98.

Maybank shed one sen to RM7.07, Hong Leong Bank two sen to RM14.96, RHB Bank three sen to RM4.32, CIMB was flat at RM3.04 but Public Bank edged up two sen to RM15.72.

Crude palm oil for third month delivery rose RM4 to RM3.070 per tonne. IOI Corp gained three sen to RM4.41 but PPB Group shed two sen to RM19.08, KL Kepong lost 14 sen to RM22.36 and Sime Plantation 10 sen to RM4.87.

US light crude oil rebounded 16 cents to US$368.72 and Brent 15 cents to US$40.61. Petronas Dagangan added 16 sen to RM17.28 but Petronas Chemicals fell five sen to RM5.95 and Petronas Gas eight sen to RM16.02. Dialog was flat at RM3.70.

Tenaga lost eight sen to RM9.89, Genting one sen to RM2.99 but GentingM edged up two sen to RM2.03.

On the external front, Shanghai shares closed up in a subdued session on Tuesday as gains in materials and healthcare firms nudged the benchmark index higher, but slower profit growth at industrial firms in September underscored continuing challenges to China's recovery. The Shanghai Composite rose 0.1%.

However, Hong Kong shares ended 0.53% lower on Tuesday, as global investor sentiment took a hit from surging Covid-19 cases globally and slow progress on a US stimulus deal, Reuters reported.

Singapore's STI fell 0.19%, Taiwan's TAIEX shed 0.26% and Kospi's ended down 0.56%.

US spot gold fell US$3.39 to US$1,898.69 per troy ounce.

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