Bursa stages rebound as Public Bank and HL Bank advance


  • Markets
  • Wednesday, 25 Nov 2020

Public Bank rose 30 sen to RM18.68 and Hong Leong Bank 16 sen to RM17 ahead of the release of their results this week. LPI, a major shareholder in Public Bank, gained 18 sen to RM13.12.

KUALA LUMPUR: Bursa Malaysia staged a rebound in early Wednesday trade, tracking the overnight rally on Wall Street, with Public Bank and Hong Leong Bank underpinning the FBM KLCI’s gains.

At 9.19am, the KLCI was up 6.71 points or 0.43% to 1,585.10 – after falling about 18 points the previous day.

Turnover was 1.04 billion share valued at RM364.05mil. There were 424 gainers, 210 losers and 331 counters unchanged.

A global equity rally picked up steam after US stocks climbed to fresh records, with cash continuing to flow into cyclical sectors. The dollar extended its decline, according to reports.

The Dow breached the 30,000 level for the first time, as investors anticipated a 2021 economic recovery on coronavirus vaccine progress and the formal clearance for President-elect Joe Biden's transition to the White House.

At Bursa on Tuesday, retail investors were net buyers at RM134.4mil but the buying was offset by net selling from local institutions at RM28.4mil and foreign funds at RM106mil.

Public Bank rose 30 sen to RM18.68 and Hong Leong Bank 16 sen to RM17 ahead of the release of their results this week. LPI, a major shareholder in Public Bank, gained 18 sen to RM13.12.

Vitrox rebounded 40 sen to RM14.90 with just 200 shares done while MPI hained 26 sen to RM23.24. Telekom added 18 sen to RM4.78.

Among the consumer stocks, Nestle rose 40 sen to RM139.40, Heineken 30 sen to RM22 and Carlsberg 16 sen to RM21.04.

GETS Global jumped 27 sen to RM2.55 with 1.97 million shares after the previous day’s selldown but investors should remain cautious after Bursa Securities recent caution.

Top Glove lost 10 sen to RM6.70 after closing at the day’s low on Tuesday after it was impacted by the quarantine of its workers in Klang due to the Covid-19 outbreak at their quarters.

The Labour Department has been told to completely focus on probing working and housing conditions at Top Glove factories to contain the outbreak of the nations’s most active Covid-19 cluster.

Petronas Dagangan fell 20 sen to RM20.80, Petronas Chemicals and Petronas Gas six sen each to RM6.74 and RM17.06.

IHH Healthcare lost eight sen to RM5.46.

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