KL Kepong gives KLCI late push, broader market cautious


  • Markets
  • Friday, 13 Aug 2021

KUALA LUMPUR: The FBM KLCI finished higher on Friday, boosted by late buying of KL Kepong, but the broader market was cautious after Bank Negara lowered its forecast for this year’s GDP due to the pandemic.

The KLCI closed up 3.14 points or 0.21% at 1,505.11. The index moved between a low of 1,498.80 and a high of 1,507.54 throughout the trading session. For the week, the index advanced 1.02%.

However, the broader market was weak with decliners outpacing advancers 579 to 373 while 458 counters were unchanged. Turnover stood at 3.56 billion shares worth RM2.09bil.

Dealers said the market sentiment remained cautious on concerns about prospects for the economy, after Bank Negara downgraded its growth forecast.

In the second quarter, GDP expanded by 16.1%, exceeding economists’ forecast. However, Bank Negara cut its growth outlook for this year to 3%-4%, down from an earlier estimate of 6%-7.5% growth.

At Bursa Malaysia, Kuala Lumpur Kepong was the top gainer, rising RM1.04 to RM20.18. Genetec added 76 sen to RM27.26, SAM Engineering rose 38 sen to RM14.30 and Advance Information Marketing surged 30 sen to 61 sen.

The decliners included Carlsberg, Bintulu Port, Kobay and Frontken.

Among the KLCI component stocks, Digi fell six sen to RM4.25, Tenaga lost four sen to RM9.66, Top Glove shed four sen to RM3.75 and Petronas Chemicals declined three sen to RM7.96.

Petronas Gas advanced 16 sen to RM15.90, Maybank added four sen to RM8.05, Genting rose four sen to RM4.71, Hartalega gained eight sen to RM7.13 and Mr DIY added five sen to RM3.86.

Elsewhere in the region, Japan’s Nikkei Stock Average fell 0.14%, South Korea’s Kospi lost 1.16% while the Hang Seng Index in Hong Kong closed down 0.48% and the CSI300 index declined 0.55%.

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