KLCI finishes up with Asian indices amid easing concerns about Trump’s health

KLCI finishes up with Asian indices amid easing concerns about Trump’s health
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KUALA LUMPUR (Oct 5): The FBM KLCI closed up 12.13 points or 0.81% at 1,512.43 today after Asian equity indices ended higher on easing concerns about US President Donald Trump’s health after he tested positive for Covid-19 although news on the rising number of global infections continue to dictate sentiment.

In Malaysia, Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com that the KLCI and the broader market were today driven by healthcare and glove stocks, as Covid-19 cases have been increasing in the past week.

“Also with people now working more from home, we are starting to see more (share) buying activity. This was seen between March and May as well,” Low said.

Globally, it was reported that stocks rose on Monday as signs that Trump's health was improving eased some of the political uncertainty caused by his coronavirus infection, which sent investors rushing for safety last week.

It was reported that Trump, 74, was flown to hospital for treatment for the coronavirus on Friday, but his doctors say he has responded well and could return to the White House on Monday.

"Equities and other risk-on traders should be well-supported by easing concerns about Trump's health,” Reuters quoted Junichi Ishikawa, senior currency strategist at IG Securities in Tokyo, as saying today.

Across Bursa today, trading volume stood at 6.34 billion securities valued at RM4.59 billion.

There were 728 gainers and 344 decliners.

Notable gainers included Petronas Dagangan Bhd besides rubber glove manufacturers Supermax Corp Bhd and Kossan Rubber Industries Bhd.

Supermax’s share price closed up 73 sen or 8.13% at RM9.71 while Petronas Dagangan rose 44 sen or 2.22% to RM20.24.

Rubber glove manufacturers are among constituents of Bursa’s healthcare index, which includes pharmaceutical companies and hospital operators.

The healthcare index closed up 118.89 points or 3.06% at 4,003.60 to be the largest percentage gainer among the exchange’s indices.

Chong Jin Hun