Trading volume on Bursa at 2-week high of 14b shares

KUALA LUMPUR: Trading volume on Bursa Malaysia rose to a two-week high of 14.21 billion shares on Friday, driven by heavy churning in Yong Tai, HWGB and Metronic Global.

At 5pm, the FBM KLCI was down 6.41 points or 0.39% to 1,621.85. Turnover was 14.21 billion shares valued at RM6.75bil. The broader market was slightly weaker with 731 losers to 580 gainers and 429 counters unchanged.

Bloomberg data showed Friday's trading volume was highest since Nov 18's 14.41 billion shares.

Melaka property developer Yong Tai jumped seven sen to 36.5 sen with 873.28 billion shares, Metronic Global 1.5 sen higher at 13.5 sen with 716.80 million shares and HWGB climbed 3.5 sen to 88 sen with 542 million units done.

However, among the blue chips, Maybank's 10 sen decline to RM8.20 erased 1.72 points from the KLCI, Hong Leong Bank lost 20 sen to RM18.10 and RHB Bank nine sen to RM5.56. CIMB rose six sen to RM3.77 while Public Bank was flat at RM18.60.

US light crude oil ralied 88 sen to US$46.52 and Brent added 95 cents to US$49.66 – which was the fifth week of gains, as major producers agreed on a compromise to continue some cuts to production to cope with coronavirus-hit demand even though these fell short of expectations, Reuters reported.

Petronas Chemicals rose seven sen to RM7.39, Petronas Gas shed two sen to RM17.40 while Petronas Dagangan was the top loser of the day, down 88 sen to RM20.62. Dialog added six sen to RM3.90. Yinson rose 29 sen to RM5.59.

The higher crude oil prices also saw Petron climbing 99 sen to RM5.25 and Hengyuan 89 sen to RM5.56.

Crude palm oil for third month delivery rose RM91 to RM3,423 per tonne, the highest since March 2012 on expected supply constraints would squeeze supply.

KL Kepong rose four sen to RM23.60 and IOI Corp edged up one sen to RM4.48. Batu Kawan fell 52 sen to RM17.20, PPB Group 20 sen to RM18.90 and Sime Plantation four sen to RM5.08.

Among the glove makers, Supermax fell 41 sen to RM8.29 as investors sold on news after its inclusion into the KLCI. Top Glove lost 13 sen to RM6.65 and Hartalega 16 sen to RM14.50.

Tenaga lost six sen to RM10.94, IHH Healthcare five sen to RM5.45 but Press Metal gained 28 sen to RM7.83 and MISC eight sen to RM7.05. Genting added four sen to RM4.23 and GentingM flat at RM2.56.

Telcos were among the losers, Axiata and Telekom lost seven sen each to RM3.77 and RM5.30, Digi three sen to RM4.17 and Maxis five sen to RM4.99.

The ringgit strengthened against the US dollar by 0.31% to 4.0603.

On the external front, Japan's Nikkei fell 0.22% but Hong Kong's Hang Seng Index rose 0.4%, CSI 300 0.18%, Shanghai Composite 0.07% while Taiwan's Taiex added 1.11% and South Korea's Kospi 1.31% while Singapore's STI added 0.62%.

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