KLCI advances 0.74% as Top Glove and blue chips lift, regional markets trade mixed as US dollar dips

KLCI advances 0.74% as Top Glove and blue chips lift, regional markets trade mixed as US dollar dips
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KUALA LUMPUR (Aug 6): The FBM KLCI advanced 0.74% at mid-morning Thursday as select index-linked stocks including Top Glove Corp Bhd lifted, while regional markets traded mixed as the US dollar struggled.

At 10.05am, the FBM KLCI added 11.71 points to 1,579.84.

Gainers led losers by 530 to 379, while 355 counters traded unchanged. Trading volume was 4.67 billion shares valued at RM2.17 billion.

The gainers at mid-morning included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, UPA Corp Bhd, Kuala Lumpur Kepong Bhd, Top Glove Corp Bhd, Notion VTec Bhd and HKT Global Bhd.

The actively traded stocks included Pegasus Heights Bhd, Borneo Oil Bhd, Sapura Energy Bhd, XOX Bhd, Minetech Resources Bhd and Bioalpha Holdings Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, Adventa Bhd, Careplus Group Bhd, Kotra Industries Bhd and Comfort Gloves Bhd.

Bloomberg said Asian stocks opened mixed Thursday after a three-day advance, while US futures held overnight gains amid encouraging news on the vaccine front and speculation over progress on a stimulus package.

The US dollar slipped toward its lowest in almost two years, it said.

The Bloomberg Dollar Spot Index declined 0.5%.

Hong Leong IB Research said in the wake of fading impact of past stimulus measures and evidence that the global V-shaped recovery has stalled amid lingering fears of a second wave of Covid-19 infections coupled with heightened US-China geopolitical conflicts, it remains to be seen what will help to keep global stock markets elevated in the coming weeks.

“On the domestic scene, nagging political uncertainty and expectations of worsening reported numbers for 2Q20 (both GDP and corporate results) are the risks that could trigger further consolidation in August.

“Weighing both directions, KLCI is likely to exhibit an extended range-bound consolidation mode with key downside supports at 1,563 (July 17) and 1,541 (Aug 4 low) levels whilst facing formidable tops at 1,591 (June 9) and 1,618 (July 29) levels,” it said.