Gloves, tech stocks retreat, broader market cautious

KUALA LUMPUR: Glove makers and chip and tech related counters fell in early Thursday trade while the broader market turned cautious after the overnight fall on Wall Street.

At 9.12am, the FBM KLCI was down 8.18 points or 0.51% to 1,580.27. Turnover was 660.56 million shares valued at RM371.91mil. There were 419 losers to 199 gainers and 328 counters unchanged.

Bloomberg reported Asian stocks fell with US futures after an overnight surge in bond yields once more dragged down shares on Wall Street.

Stocks dropped in Japan, South Korea and Australia, while S&P 500 futures saw modest declines.

Earlier, the Nasdaq 100 slumped to a two-month low and the S&P 500 extended its slide into a second day. A selloff in high-flying giants such as Apple Inc. and Inc. outweighed gains in banks and energy producers.

At Bursa on Wednesday, foreign funds were net buyers at RM115.3mil, local retail investors at RM42.1mil but local institutions net sellers at RM157.3mil.

MPI fell 50 sen to RM41.30, Vitrox 46 sen to RM16.24, Greatec 22 sen to RM5.55 and UWC 16 sen to RM6.41.

Hartalega lost 20 sen to RM9.65 and Supermax 15 sen to RM4.15 and their losses weighed on the KLCI.

Nestle fell the most, down RM1.70 to RM136.30 but Carlsberg gained 10 sen to RM23.08.

Among the plantations, KL Kepong lost 12 sen to RM23.10.

Yinson was the top gainer, up 24 sen to RM5.54 after it won a contract worth RM1.5bil to develop a 190 megawatt (MW) grid-connected solar photovoltaic power plant in Rajasthan, India.

Dataprep jumped 21 sen to RM2.05.

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