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KUALA LUMPUR: The FBM KLCI entered the lunch break into positive territory after spending the morning session in the red as investors cautiously approached recent political developments.
As of 12:30 p.m., the key index had risen 4.99 points to 1,501.47, following a sell-off of shares yesterday on claims by the opposition party that there could be another change of government.
A prolonged recovery in glove stocks helped offset market losses, which were generally negative, as global markets continued to lose weight as fears mounted about a second wave of coronavirus infections and a recovery in the stagnant US economy.
The world’s leading glove maker Top Glove jumped 43 sen to RM8.45 and Hartalega
It rose 98 sen to RM15.48 as European nations, including the UK and Spain, announced new restrictions to curb a growing number of coronavirus infections.
Smaller glove manufacturers also benefited, as Kossan rose 42 sen to RM12.32, Supermax rose 39 sen to RM8.22, Comfort Gloves gained 21 sen to RM3.81, Careplus rose 28 sen to RM3.10 and Rubberex added 26 sen at RM5. 31.
However, the positive performance of health care counters proved to be the exception in Bursa Malaysia, and most stocks continued on a corrective path.
Local banks were afloat with Maybank dropping four sen to RM7.13, Public Bank dropping four sen to RM15.60, Hong Leong Bank dropping two sen to RM14.88, CIMB dropping four sen to RM3.06 and RHB sliding five sen to RM4.59.
Tenaga Nasional was down four sen to RM19.86 and Petronas Chemicals slipped 12 sen to RM5.38.
Underperforming counters include consumer stocks including Nestlé which fell 80 sen to RM140, Heineken fell 68 sen to RM20.82 and Carlsbers lost 24 sen to RM20.98.
The main actively traded stocks were Advance Synergy it fell three sen to 16 sen, MNC fell 0.5 sen to 4.5 sen and Mtronic rose 0.5 sen to 8.5 sen.
Meanwhile, Asian markets were a red sea after Wall Street’s dismal performance that saw the Dow Jones fall 1.9%.
China’s benchmark index fell 1.5%, while Hong Kong markets fell 1.8% online. Japan’s Nikkei fell 0.8%, while Australia’s ASX200 plunged 1.1% and South Korea’s Kospi fell 1.9%.
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