[ad_1]
KUALA LUMPUR: Mah Sing Group’s proposed venture in glove making and related healthcare sent the stock price higher in early trading on Friday and helped lift investors’ spirits.
At 10.01 a. M., The FBM KLCI was up 3.89 points or 0.26% at 1,517.84. The turnover was 1,820 million shares valued at RM1.15bil. There were 411 winners, 264 losers, and 404 unchanged counters.
In Bursa on Thursday, local retail investors were net buyers at RM46.9k and local institutions at RM600,000 only, while foreign funds were net sellers at RM47.6k.
Mah Sing rose 21 sen to 93.5 sen with 258.21 million shares realized, while its purchase warrants also recovered. Mah Sing-C24 jumped 17.5 sen to 24 sen and C22 gained 15 sen to 23 sen.
AmInvest Research maintained its Mah Sing call option with a higher fair value of RM1.50 per share from 99 sen, based on sum of parts valuation.
Consumer stocks were also among the winners, with F&N rising 46 sen to RM32.86 with just 100 stocks made, while Carlsberg added 30 sen to RM19.20.
Meanwhile, Southern Cable Group raised one sen to 35 sen when it made its debut in the ACE market. 238.59 million shares were traded.
Bursa rose 18 sen to RM8.98 and Scientex 16 sen to RM11.66.
Petronas Dagangan fell the most, 34 sen to RM19.48 while PetronM lost six sen to RM3.26.
Regarding plantations, NSOP fell 16 sen to RM2.74 and KL Kepong 14 sen to RM21.76 while United Plantations lost six sen to RM14.66.
Public Bank fell six sen to RM16.04.
On the external front, Reuters reported that Asian stocks came under pressure as investors sought safe havens, such as the US dollar, fearing that a resurgence in coronavirus cases and a lack of additional fiscal stimulus from the United States would hamper investment. World economy.
Thursday’s offer by US President Donald Trump to increase the size of a fiscal stimulus package to win the support of Republicans and Democrats helped cut Wall Street’s losses, although many investors still believe it is unlikely that an agreement is reached before the November 3 elections.
[ad_2]
