Blue chips slip on last trading day of 2020

KUALA LUMPUR: Blue chips slipped in early Thursday trade, the last day of the pandemic-ridden 2020 which sent the global economy into a recession.

At 9.14am, the KLCI was down 4.51 points or 0.27% to 1,639.90. Turnover was 511.06 million shares valued at RM237.94mil. There were 242 gainers, 272 losers and 389 counters unchanged.

Bloomberg reported the dollar continued its slide early Thursday, weakening to the lowest in 2 1/2 years.

S&P 500 Index futures edged up, while Australian stocks drifted lower, with curtailed trading in Asian markets on the last day of 2020.

Markets in Japan and South Korea are shut. New Zealand shares dropped. U.S. stocks climbed, with small-cap shares outperforming. Bitcoin extended its record-breaking rally to surpass US$29,000.

At Bursa on Wednesday, local institutions were net sellers at RM155mil but the selling was well absorbed by local retail investors who were net buyers at RM76.1mil and foreign funds net buyers at RM78.9mil.

JF Apex Research said the local stock market was expected to trade sideways, within the support level of 1,615 and resistance level of 1,695, on overnight tepid performances posted by the overseas markets.

KESM fell the most, down 20 sen to RM13.30 with 600 shares done.

Carlsberg lost 18 sen to RM23 and it was the top loser among the consumer stocks.

As for financial stocks, Hong Leong Capital fell 11 sen to RM6.09 and Public Bank was down six sen to RM20.64.

Press Metal gave up some of the recent gains, losing nine sen to RM8.41 while Euro was down eight sen to RM2.80.

Sime Plantation lost eight sen to RM5.09 after a news report stated the US has banned imports of palm oil from the company over allegations of forced labour in the production process, according to the US Customs and Border Protection.

K-One rose four sen to 39 sen and its warrants WC climbed 5.5 sen to 21 sen in active trade. It has received the approval from Medical Device Authority of Malaysia to manufacture and supply five additional variants of nasal swabs for use in Covid-19 testing.

Toyo Ventures surged again, up 39 sen to RM1.69 on news about its Vietnam project. Its warrants, WB hit limit-up by 30 sen to RM79.5 sen.

Hengyuan added 31 sen to RM6.06 and Petron 11 sen to RM5.34.

JF Tech added 20 sen to RM5.02, TimeCom 10 sen to RM13.40 and Supermax nine sen to RM6.07.

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