Top Glove, Budget worries weigh on sentiment

At Bursa, Top Glove was among the top losers after 28 of its factories in Kapar, Klang, will be closed in stages following a surge in Covid-19 cases.

KUALA LUMPUR: Investors' concerns about whether the Budget 2021 would get majority approval in Parliament on Thursday and the closure of some of Top Glove's plants weighed on Bursa Malaysia at midday on Tuesday.

At 12.30pm, the KLCI was down by 9.75 points or 0.61% to 1,587.73, with Top Glove accounting for more than half of the losses in the index.

Turnover was 5.46 billion shares valued at RM2.41bil. The broader market was weaker with decliners beating advancers 3.5 to one, or 874 losers to 245 gainers and 409 counters unchanged.

Among the key Asian markets, Japan's Nikkei 225 rose 2.7%, Hong Kong's Hang Seng Index gained 0.05% and Singapore's Straits Times Index up 0.86% but the Shanghai Composite shed 0.07%.

At Bursa, Top Glove was among the top losers after 28 of its factories in Kapar, Klang, will be closed in stages following a surge in Covid-19 cases. It fell 45 sen to RM6.90 and wiped out 5.66 points from the KLCI.

However, Hartalega rose four sen to RM14.50 and Supermax seven sen higher at RM8.23.

US light crude oil rose 43 cents to US$43.49 and Brent added 40 cents to US$46.46.

Petronas Gas gained 26 sen to RM17.16, Petronas Chemicals was flat at RM6.78 but Petronas Dagangan lost RM1.02 to RM21.08.

GETS Global and Vivocom, which had surged in recent days in the absence of positive corporate news, skidded as brokerages were cautious about these counters.

Vivocom lost 36 sen to 86 sen in very active trade while its warrants WE tumbled 27.5 sen to 49.5 sen.

Bursa Securities, which had earlier cautioned investors about the recent price surge in GETS, saw its share price fall 26 sen to RM2.40.

Consumer stocks also fell on some profit taking with Nestle down RM1.40 to RM139.60, Carlsberg RM1.14 to RM21.38 and Heineken 40 sen to RM21.90.

Crude palm oil for third month delivery fell RM50 to RM3,276 per tonne.

IOI Corp lost two sen to RM4.51, KLK was down eight sen to RM23.56, PPB Group 10 sen to RM18.52 while Sime Plantation was flat at RM5.17.

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