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KUALA LUMPUR: Glove makers extended their focus early Wednesday as expectations of new Covid-19 infections worldwide would continue to spur demand.
At 9.25 a.m., the FBM KLCI rose 3.87 points or 0.28% to 1,383.80. The turnover was 1.11 billion shares valued at RM591mil. There were 206 winners, 358 losers, and 234 counters unchanged.
Bloomberg reported that the risk-reducing sentiment that has infiltrated world markets again took hold even more on Wednesday as Asian stocks opened lower on US equity futures following warnings about the fragility of the economic recovery. . Treasures held in profit.
S&P 500 futures fell 0.8% at 9:01 a.m. in Tokyo. The indicator decreased 2.1%. Japan’s Topix Index fell 0.9%. South Korea’s Kospi fell 1.3%. Australia’s S & P / ASX 200 index fell 0.3%.
Reuters reported that oil prices fell after industry data showed a surge in US crude inventories. USA And concerns are mounting about a possible second wave of the coronavirus pandemic in countries that ease blockades.
Brent crude fell 49 cents, or 1.6%, to $ 29.49 at 0034 GMT, having risen 1.2% on Tuesday. US crude dropped 41 cents, or 1.6%, to $ 25.37 a barrel, after jumping nearly 7% in the previous session.
On Tuesday in Bursa, foreign funds were net sellers at RM159.9mil, but again the sale was well absorbed by local institutions and retail investors who were net buyers at RM77.1mil and RM82.9mil.
Later in the afternoon, Bank Negara Malaysia will announce the state of the economy as all economists expect a contraction in the first quarter.
AmInvest Research estimates suggest that Q1 GDP could be around -2.8% to -3.5%. “However, we believe that GDP should fall 3.5%. It will be the first contraction since 2009, ”he said.
Top Glove rebounded 73 sen to RM8.72, Kossan
40 sen to RM6.70, Comfort 27 sen to RM2.54, Hartalega 25 sen to RM7.78 and Careplus 20 sen to RM1.09.
Tenaga fell 30 sen to RM12.04, KL Kepong 18 sen to RM20.42 and LPI 12 sen to RM12.90.
Carlsberg lost 26 sen at RM27.42, Heineken 18 sen at RM23.60 and BAT 18 sen at RM12.90.
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