Over 1,000 stocks in red on Budget, Top Glove woes

Declining stocks thumped advancers more than four to one or 1,093 losers to 250 gainers and 321 counters unchanged.

KUALA LUMPUR: Bursa Malaysia recorded more than 1,000 counters in the red at the close on Tuesday on concerns about the ability of the government to get a majority of the MPs to support the Budget 2021 proposals on Thursday.

Also pushing the FBM KLCI lower was Top Glove as only 10% of its factories in Klang are operational due to the shortage of manpower as most of the workers have been quarantined due to the Covid-19.

At 5pm, the KLCI was down 19.09 points or 1.2%, making it the worst performer among the key Asian markets. Turnover was 8.36 billion shares valued at RM4.28bil.

Declining stocks thumped advancers more than four to one or 1,093 losers to 250 gainers and 321 counters unchanged.

Among the key Asian markets, Japan's Nikkei 225 rose 2.5%, Hong Kong's Hang Seng Index added 0.39%, South Korea's Kospi 0.58% and Singapore's Straits Times Index up 1.24%. China's Shanghai Composite fell 0.34% and Taiwan's Taiex 0.51%.

Top Glove fell 55 sen to end at the day's low of RM6.80 and erased 6.87 points from the KLCI. Hartalega lost 28 sen to RM14.18 and wiped out 1.46 points. Supermax was down nine sen to RM8.07.

Also in focus were GETS Global and Vivocom – which came under selling pressure – as investors gave these stocks a wide berth following a Bursa Securities warning about GETS's recent price surge.

GETS fell 38 sen to RM2.28 with 6.03 million shares done while Vivocom tumbled 36.5 sen to 85.5 sen with 244.67 million shares done.

Consumer stocks also fell with Nestle down RM2 to RM139, Carlsberg RM1.64 to RM20.88 and Heineken 60 sen to RM21.70 on profit taking.

Among semicon and techs, MPI lost 68 sen to RM22.98 and Vitrox 40 sen to RM14.50.

Banks were mixed with Public Bank up16 sen to RM18.38, Maybank gained three sen to RM8.13, CIMB flat at RM3.64 while Hong Leong Bank slipped four sen to RM16.84.

As for energy stocks, Petra Energy jumped 24.5 sen to 93 sen, Petronas Gas 22 sen to RM17.12, Petronas Chemicals two sen to RM6.80 but Petronas Dagangan gave up half of the previous day's gains to close down RM1.10 to RM21.

Among the big-cap decliners, Tenaga lost 12 sen to RM10.80 and erased one point from the KLCI, MISC 15 sen lower at RM6.91, GentingM four sen to RM2.48 and Genting 10 sen to RM4.01.

Crude palm oil for third month delivery fell RM60 to RM3,266 per tonne.

PPB Group rose 18 sen to RM18.80 but KL Kepong lost 14 sen to RM23.50, IOI Corp and Sime Plantation shed five sen each to RM4.48 and RM5.12.

The ringgit strengthened against the US dollar by 0.13% to 4.0852 as at 5.20pm.

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