KLCI extends above 18-month high, Top Glove, Public Bank advance

  • Markets
  • Thursday, 10 Dec 2020

KUALA LUMPUR: A rebound in Top Glove shares and gains in Public Bank underpinned the FBM KLCI’s advance above an 18-month high on Thursday.

At 9.06am, the FBM KLCI was up 2.98 points or 0.18% to 1,649.51. Turnover was 523.73 million shares valued at RM233.06mil. There were 279 gainers, 221 losers and 334 counters unchanged.

At 9.06am, the KLCI was up 2.98 points or 0.18% to 1,649.51. Turnover was 523.73 million shares valued at RM233.06mil. There were 279 gainers, 221 losers and 334 counters unchanged.

Bloomberg reported Asian stocks slipped after US technology giants dragged Wall Street benchmarks lower amid dimming prospects for fresh stimulus. The pound fell amid a stalemate in Brexit negotiations.

Shares in South Korea saw the brunt of losses, while those in Japan and Australia saw more modest declines. S&P 500 futures were little changed after the gauge slid from a record, and the Nasdaq 100 had its biggest slump in a month. Facebook Inc. sank after being sued by U.S. antitrust officials, while Tesla Inc. tumbled as JPMorgan Chase & Co. called it "dramatically” overvalued.

Rakuten Trade said as for Bursa Malaysia, it expects some consolidation and tech related stocks to mirror Nasdaq weakness after the KLCI index raced to an 18-month high led by bank stocks on Wednesday.

“Nevertheless, we see trading opportunities as rotational sector plays will continue as profit taking from gainers move to the laggards, ” it said.

Top Glove rose 19 sen to RM7.03 while Supermax added 12 sen to RM7.87. Hartalega shed 10 sen to RM14.56.

Public Bank extended its gains, up 12 sen to RM19.98 following its four-for-one bonus issue.

CGS-CIMB Equities Research also projected a rebound in FY21F core net profit as it raised the target price from RM20.50 to RM25.

Hong Leong Bank lost eight sen to RM18.80 after its strong run-up.

BAT was the top gainer, up 32 sen to RM14.62 while Nestle added 30 sen to RM137.10.

Latitude Tree gained 22 sen to RM4.54 as investors were upbeat about the furniture maker.

Kumpulan Powernet continued to climb, up 18 sen to RM5.40. It bagged a RM296mil contract for a mini-hydropower plant in Perak from Kangsar Hidro Sdn Bhd. It is optimistic of achieving its order book target of RM2bil by year-end.

AirAsia X rose two sen to 10.5 sen amid heavy trading of 58.14 million shares. G Capital fell 4.5 sen to 89 sen in active trade.

Aeon Credit lost 20 sen to RM11.70, MPI 16 sen to RM25.32 and MyEG nine sen to RM1.87.

Petron fell 12 sen to RM5.88 and Yinson 10 sen to RM5.56.

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