Bursa rebounds, Public Bank, semicon top gainers

KUALA LUMPUR: Bursa Malaysia staged a rebound in early Tuesday, with Public Bank and semicon and tech stocks taking the lead as specualtion of a stricter lockdown to contain the Covid-19 pandemic eased.

At 9.20am, the FBM KLCI was up 18 points or 1.14% to 1,594.62. Turnover was 857.17 million shares valued at RM542.87mil. There were 496 gainers, 173 losers and 310 counters unchanged.

At Bursa on Monday, local funds turned net buyers at RM127mil while local retail investors were also net buyers at RM72.7mil. Foreign funds remained net sellers at RM199.7mil.

Rakuten Trade said Monday's selling was a tad overdone and it expects the KLCI to stage a rebound on Tuesday.

It said talks of a stricter lockdown, spooked sentiments and the KLCI lost 20 points to break the support of 1,580.

“Nonetheless, we believe bargain hunters should prop the index up possibly to above the 1,590 today.

“Amongst the KLCI constituents, top five losers yesterday were Dialog, Petronas Chemical, Press Metal, Hap Seng and CIMB and we noticed both Dialog and MISC may have been in oversold territory now, ” Rakuten Trade said.

MPI was the top gainer, up 92 sen to RM31.62, KESM 48 sen to RM16.48, Uisem 29 sen to RM8.42, UWC 26 sen to RM12.36 and PMB Tech 20 sen to RM5.30.

Public Bank rallied 25 sen to RM4.51, which was the adjusted price after its four-for-one bous shares went ex on Tuesday.

Glove makers took a step back after the rally but analysts expect they will continue to attract strong interest as the pandemic is not over and until the vaccine is rolled out in Malaysia.

Hartalega, which posted record earnings, fell 38 sen to RM12.62. Supermax lost 23 sen to RM6.77, Comfort 13 sen to RM3.17, Careplus 11 sen to RM21.52 and Top Glove also 11 sen lower at RM6.41.

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