KUALA LUMPUR: The FBM KLCI staged a mild rebound early Tuesday but the gains were held in check by selling of glove stocks despite the record high Covid-19 cases.
At 9.21am, the FBM KLCI was up 4.15 points or 0.27% to 1,516.68. Turnover was 603.69 million shares valued at RM284.08mil. There were 291 gainers, 221 losers and 313 counters unchanged.
Bloomberg reported Asian stocks made modest gains early Tuesday as traders assessed steep losses in Chinese stocks sparked by Beijing’s sweeping regulatory overhaul as well as another record close on Wall Street.
Shares rose in Japan, Australia and South Korea. US stock futures were little changed after the S&P 500 hit a new peak, with Tesla Inc. the latest firm to post better-than-expected results. The Nasdaq 100 and Dow Jones Industrial Average also ended at all-time highs.
Rakuten Trade the KLCI weakened on Monday due to continued selling by foreign funds.
"Though we expect some bargain hunting activities to emerge, buying may be muted as the local bourse remains stuck in this prolonged consolidation phase thus expect the index to hover around the 1,510-1,520 range today," it said.
Genetec rose 78 sen to RM19.50, MPI 76 sen to RM42.76 and Hightec 12 sen to RM4.70.
As for consumer stocks, Nestle rose 40 sen to RM133.40 and Heineken 20 sen to RM22.20 while BAT added 12 sen to RM14.70.
BCMall ordinary rights shares tumbled 11 sen to one sen in active trade but the share price added 0.5 sen to 16 sen.
Serba Dinamik continued to be in the news, adding one sen to 43 sen and the warrants 0.5 sen to 9.5 sen.
As for glove makers, Hartalega fell 11 sen to RM7.28, Top Glove nine sen to RM4.01, Supermax eight sen to RM3.36, Kossan seven sen to RM3.19 and Adventa and Careplus six sen each to RM1.86 and RM1.87.