KLCI dips 0.4% on losses at Top Glove and Public Bank ahead of holiday closure

KLCI dips 0.4% on losses at Top Glove and Public Bank ahead of holiday closure
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KUALA LUMPUR (July 30): The FBM KLCI fell 0.4% at mid-morning, dragged by Top Glove Corp Bhd and Public Bank Bhd, ahead of the public holiday on Friday in conjunction with Hari Raya Aidiladha.

At 10am, the FBM KLCI fell 6.49 points to 1,604.93.

Losers led gainers by 365 to 326, while 415 counters traded unchanged. Trading volume was 2.99 billion shares valued at RM1.27 billion.

The top losers included Nestle (M) Bhd, Public Bank, Bursa Malaysia Bhd, Petronas Chemicals Group Bhd, Kuala Lumpur Kepong Bhd, Top Glove, Oriental Holdings Bhd and ViTrox Corp Bhd.

The actively traded stocks included Priceworth International Bhd, XOX Bhd, Borneo Oil Bhd, Pegasus Heights Bhd, LKL International Bhd and Hubline Bhd.

The gainers included Mega First Corp Bhd, SAM Engineering & Equipment (M) Bhd, DKSH Holdings (M) Bhd, Rubberex Corp Bhd, Adventa Bhd, Pharmaniaga Bhd, Careplus Group Bhd and Ajinomoto (M) Bhd.

Bloomberg said Asian stocks saw modest gains Thursday after a signal from the Federal Reserve that more stimulus will be provided pushed US equities higher and weighed on the US dollar.

Hong Leong IB Research said ahead of the long weekend break (Hari Raya Haji holiday on July 31), trading sentiment is likely to turn cautious today, given nagging concerns over subdued fundamentals such as tit-for-tat actions between the US and China, fluid domestic politics, rising new daily coronavirus cases and expectations of worsening reported numbers for 2Q20 (both GDP and corporate results).

“Technically, a successful breakout above 1,618 (July 29 high) neckline resistance would spur index higher towards 1,633-1,645 zones whilst a sharp fall below 1,563 would trigger further selldown at 1,530-1,550 territory,” it said.