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KUALA LUMPUR: The FBM KLCI rose a day after profit-taking sent stocks in the red, reaffirming expectations of market consolidation.
At 12.30 p.m. M., The key index rose 13.04 points to 1,596.72, once again close to the psychological level of 1,600 points.
“Looking ahead, we expect turmoil to prevail with moderate bargain hunting activities.
“Elsewhere, lower lines are likely to be trending upward driven by liquidity-driven market, coupled with revolving play,” Malacca Securities Research said in its morning outlook.
Global markets were mixed on Friday, with optimism about a recovery marred by the lower close on Wall Street as US Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling US companies.
Japan’s Nikkei fell 0.5% while the Chinese composite index rose 0.1%. Hong Kong’s Hang Seng rose 0.35%.
However, Bursa Malaysia was overtaken by a rally in glove counters, which have been deemed oversold after recent Covid-19 developments triggered anxiety over future demand for latex gloves.
Hartalega
it rose 38 sen to RM14.48 and Top Glove gained 37 sen to RM7.21.
Petronas Gas extended its earnings for the second day after its earnings announcement, posting 28 sen at RMTM16.60, while Petronas Chemicals rose for the third day in a row by four sen at RM6.81.
Petronas Dagangan added 12 sen to RM19.74.
The main active actions were AT Systemization it rose 1.5 sen to 19.5 sen, Southern Cable Group increased six sen to 39.5 sen and NetX added one sen to 14.5 sen.
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