KLCI down 20pts as Maybank, Tenaga and Hartalega slump

KLCI down 20pts as Maybank, Tenaga and Hartalega slump

KUALA LUMPUR: Bursa Malaysia fell in early Monday trade as the FBM KLCI gave up two-thirds of last Friday’s late gains with Maybank, Tenaga Nasional and Hartalega among the top losers.

At 9.15am, the KLCI was down 20.5 points or 1.26% to 1,612.69. Turnover was 964.56 million shares valued at RM741.09mil. There were 163 gainers, 649 losers and 310 counters unchanged.

Last Friday, the KLCI surged over 30 points in late trade on short covering by traders on glove makers.

The dollar climbed Monday and Asian stocks were mixed as traders weighed President-elect Joe Biden’s pledge to detail huge US economic aid to counter the impact of the escalating pandemic, Bloomberg reported.

The dollar rose against major peers, while Australian shares and S&P 500 futures dipped. South Korean equities outperformed.

Last Friday, foreign funds turned net buyers at RM435.5mil due to short covering activities for the gloves which they had short sold. Local institutions were net seller at RM428.9mil and local retail investors at RM6.6mil.

Over last week, foreign funds were net sellers at RM337mil and local institutions also net sellers at RM362.7mil but again the selling was well absorbed by local retail investors at RM699.7mil.

Maybank fell 23 sen to RM8.17, Tenaga 22 sen to RM10.30 and Hartalega 22 sen to RM12.28.

HLT fell nine sen to RM1.39, Rubberex 10 sen to RM1.82, Careplus 10 sen also to RM2.85 and Top Glove four sen to RM6.46.

CN Asia hit limit-down, falling 47 sen to RM1.19 after its corporate exercise announced last Friday failed to sustain the rally leaving speculators in the red.

Consumer stocks fell with Carlsberg down 40 sen to RM20.30, BAT 30 sen to RM12.86, Heineken 28 sen to RM21.22 and Dutch Lady 26 sen to RM35.50.

Aeon Credit lost 28 sen to RM11.10.

KL Kepong was the top gainer, up 64 sen to RM24.64. Furniture marker Euro Holdings jumped 26 sen to RM4.26.

Pharmaniaga advanced 21 sen to RM5.18 and Duopharma 13 sen to RM3.33 whole IHH Healthcare added seven sen to RM5.68.

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