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KUALA LUMPUR: Hartalega
and Top Glove helped prop up the FBM KLCI in early trading Monday, while key Asian markets were trading cautiously and oil prices fell.
At 9.15 a.m. M., The KLCI was up 4.25 points or 0.28% at 1,520.12. The turnover was 857.46 million shares valued at RM 323.85 thousand. There were 289 winners, 285 losers, and 326 unchanged counters.
Reuters reported that Asian stocks started on the back foot as investors grapple with sky-high valuations against the backdrop of a global economy in the grip of a deep coronavirus-induced recession, while oil prices fell sharply.
Japan’s Nikkei fell 0.4%, Australia’s shares were down 0.4%, while the benchmark index for South Korea and New Zealand were down 0.1% each.
Reuters also reported that fading optimism about recovering demand amid the coronavirus pandemic also weighed. US crude fell 2% to $ 38.97 a barrel. Brent crude slid 1.9% to $ 41.85.
Meanwhile, in Bursa last week, foreign funds were net sellers at RM589.4 thousand and local institutions as well, but at a lower level of RM70.7 thousand. Local retail investors were net buyers at RM660.1mil.
In early Monday’s trade, Hartalega gained 28 sen to RN14.28, Top Glove 12 sen to RM8.50 and Comfort nine sen to RM4.18.
Carlsberg and Ipmuda each rose 18 sen to RM20.10 and 47.5 sen, while Chin Hin gained 10 sen to RM1.39.
HLFG added 12 sen to RM13.90 and Petronas Gas eight sen to RM17.44.
MPI fell 20 sen to RM18.10, UWC 10 sen to RM6.15 and Tong Her eight sen lower to RM2.05.
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