After hammering by foreign selling, market recoups half of losses

At Bursa on Monday, foreign selling hammered the local stock market and sent the KLCI down 44 points. They were net sellers at RM541mil.

KUALA LUMPUR: Foreign selling battered the local stock market on Monday but the FBM KLCI managed to recoup half of the losses in early Tuesday trade as investors sought out hammered-down blue chips.

At 9.09am, the KLCI was up 24.43 points or 1.56% to 1,587.14. Turnover was 752.75 million shares valued at RM361.95mil. There were 364 gainers, 190 losers and 361 counters unchanged.

Overnight on Wall Street, worries about the spike in Covid-19 cases and the impact on economic recovery saw the Dow Jones Industrial Average fall 271.73 points, or 0.91%, to 29,638.64, the S&P 500 lost 16.72 points, or 0.46%, to 3,621.63 and the Nasdaq Composite dropped 7.11 points, or 0.06%, to 12,198.74.

At Bursa on Monday, foreign selling hammered the local stock market and sent the KLCI down 44 points. They were net sellers at RM541mil.

However, local institutions were net buyers at RM357.9mil and local retail investors at RM183.1mil.

In early Tuesday trade, Hong Leong Bank rose 70 sen to RM17.88 and Public Bank 48 sen to RM17.88 while Maybank was up 21 sen to RM8.11. Aeon Credit gained 42 sen to RM10.88. AmBank shed seven sen to RM3.25.

Nestle was the top gainer, up RM1.70 to RM135.70 and Carlsberg 42 sen to RM19.66.

MPI rose 44 sen RM25.50, Tenaga 42 sen to RM10.50 and Press Metal 22 sen to RM7.22.

Petronas Gas fell 76 sen to RM17.40, PPB Group 30 sen to RM18.30 and YSP Southeast Asia 13 sen to RM2.29 while Pentamaster lost 10 sen to Rm4.85.

GETS Global lost six sen to RM2.67.