Tenaga underpins KLCI’s advance, gloves under pressure

KUALA LUMPUR: Tenaga Nasional underpinned the FBM KLCI’s early advance as the market started the March trading month on Monday on a mixed note as glove makers continued to come under selling pressure.

At 9.25am, the FBM KLCI was up 3.4 points or 0.22% to 1,581.15. Turnover was 1.37 billion shares valued at RM762.39. There were 407 gainers, 380 losers and 361 counters unchanged.

Reuters reported oil prices rose more than US$1 on Monday on optimism in the global economy thanks to progress in a huge US stimulus package and on hopes for improving oil demand as vaccines are rolled out.

Brent crude futures for May rose US$1.07, or 1.7%, to US$65.49 per barrel by 0042 GMT. The April contract expired on Friday.

US West Texas Intermediate (WTI) crude futures jumped US$1.10, or 1.8%, to US$62.60 a barrel.

Meanwhile at Bursa, last week, foreign funds were net sellers at RM477.4mil and local institutions at RM461.2mil but the selling was well absorbed by local retail investors at RM938.7mil.

Tenaga’s strong results and hefty dividends saw the power giant climb 16 sen to RM14.36.

Batu Kawan was the top gainer among the plantations, up 30 sen to RM18 but related company KL Kepong fell 18 sen to RM23.32.

Petron added 11 sen to RM5.40. My EG added 11 sen to RM2.01.

Ajinomoto was the top gainer, up 70 sen to RM11.90 but F&N lost 68 sen to RM30.58 and Carlsberg 18 sen to RM23.78.

Among the glove makers, Supermax fell 27 sen to RM4.57, Top Glove 22 sen to RM5.01 while Comfort lost 16 sen to RM2.08 as the national Covid-19 vaccine rolled out last week.

Hap Seng lost 20 sen to RM8.31 and Allianz 16 sen to RM13.62.

As for chip-related manufacturers, MPI rose 58 sen to RM37.58 but Unisem and KESM lost 20 sen each to RM8.70 and RM14.90.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3


Next In Business News

LVMH shares hit record high after strong sales figures
Tesco reports 2 bln pounds profit after 'exceptionally strong' sales
MIDF partners MIDA to promote smart automation grant to SMEs, MTCs
Oil maintains upward momentum but virus concerns cap gains
Reservoir Link unit appointed Petronas panel contractor
KLCI slightly lower as investors wait on the sidelines
World stocks hit record high as bond yields ease with inflation fears
Taiwan says its chip firms will adhere to new US rules blacklisting China supercomputing entities
Global semiconductor equipment sales hit record US$71.2bil in 2020
Ringgit claws back to 4.12 level at opening

Stories You'll Enjoy