Gloves lead KLCI higher as Covid-19 cases climb

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KUALA LUMPUR: Glove makers underpinned the FBM KLCI’s advance in early Friday trade as Covid-19 cases continued to surge, prompting stronger demand, while investor sentiment was also shored up by firmer external markets.

At 9.23am, the KLCI was up 1.95 points or 0.12% to 1,604.90. Turnover was 651.82 million shares valued at RM412.90mil. However, decliners led advancers 316 to 277 and 362 counters unchanged.

Bloomberg reported Asian stocks followed their US peers higher as investors focused on the prospect of more stimulus and the likelihood that calm will prevail as Joe Biden takes the presidency.

Stocks saw gains in Japan, South Korea and Australia. US futures were little changed after all major equity indexes notched records.

At home, Rakuten Trade said the KLCI which saw rather strong buying support yesterday to above the 1,600 threshold will continue to climb potentially testing the 1,610 level today.

However, investors are still wary of the government’s stance of a possible lockdown may curtail further advancement.

Meanwhile, as crude oil prices remain on a recovery mode with the Brent hovering above USD54/barrel, oil & gas stocks may be ripe for some trading interests, it said.

At Bursa on Thursday, foreign funds were net buyers at RM136.7mil and local retail investors at RM148.2m but local funds turned net sellers at RM284.9mil.

In early Friday trade, Oriental Interest hit limit-up after announcing its one-for-one bonus issue, rights shares and free warrants. It climbed 62 sen to RM2.70.

KESM’s expansion plans for its semiconductor testing saw it add 60 sen to RM13.80. UWC gained 22 sen to RM9.65.

Hartalega added 30 sen to RM11.20 and Supermax 19 sen to RM6.42.

Furniture maker Euro Holdings advanced 23 sen to RM4.46. PPB Group added 20 sen to RM19.30 and Dutch Lady 18 sen to RM36.48.

Profit talking saw CN Asia fall 32 sen to RM2.05 after announcing its plan to venture into digital banking.

Awantec-WA fell eight sen to 46.5 sen and its shares 6.5 sen to 70.5 sen.

Carlsberg lost 24 sen to RM20.88 and Heineken 18 sen to RM21.40.

Tenaga Nasional shed six sen to RM10.46.

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