Top Glove, Petronas Dagangan weigh on KLCI


  • Markets
  • Tuesday, 24 Nov 2020

KUALA LUMPUR: Bursa Malaysia got off Tuesday on a cautious note as losses in Top Glove and profit taking on Petronas Dagangan weighed on the FBM KLCI amid a weaker broader market.

At 9.45am, the KLCI was down 4.43 points or 0.28% to 1,593.05. Turnover was 1.93 billion shares valued at RM943.42mil. Decliners led advancers 412 to 336 while 434 counters were unchanged.

Bloomberg reported US equity futures and most Asian stocks climbed after the triggering of a formal transition process to President-elect Joe Biden. The dollar dipped.

S&P 500 contracts advanced after the General Services Administration acknowledged Biden as the apparent winner of the presidential election. Stocks outperformed in Japan and Australia. They also rose in South Korea and were little changed in Hong Kong and China.

At Bursa Malaysia on Monday, surprisingly foreign funds were net buyers at RM169.5mil while local institutions were net sellers at RM150.9mil and local retail investors at RM18.7mil.

Petronas Dagangan, which saw late buying on Monday, gave up about half of the gains, falling 92 sen to RM21.18.

Top Glove lost 45 sen to RM6.90 with 32.93 million shares done after 28 of its factories in Kapar, Klang, will be closed in stages following a surge in Covid-19 cases.

Top Glove call warrants also fell with C75 dm 35 sen to RM1.73, C74 16 sen to RM1.85 and C73 14 sen to RM1.74. Its warrants WE tumbled 19 sen to 58 sen.

However, Hartalega gained 24 sen to RM14.70 and Supermax 12 sen to RM8.28.

GETS Global skidded 26 sen to RM2.40 after a recent caution from Bursa Securities, Vivocom lost 26 sen to 96 sen in active trade and its warrants tumbled 19 sen to 58 sen.

Petronas Gas rose 20 sen to RM17.10 while Hengyuan again attracted interest on rising crude oil prices, up 17 sen to RM3.62 and Petra Energy 15 sen to 83.5 sen.

Public Bank added 12 sen to RM18.34.

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