KLCI drifts higher as glove makers come to the fore, but broader market stays negative

KLCI drifts higher as glove makers come to the fore, but broader market stays negative
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KUALA LUMPUR (Sept 24): The main index of Bursa Malaysia briefly reversed its loss in the mid-morning as index-linked glove makers came to the fore, while broader market sentiment remained negative in line with regional stock markets.

At 10am, the KLCI had edged up 0.02 points to 1,496.50. The index earlier slipped to a low of 1,492.98.

Market breadth, however, remained negative with 438 losers and 266 gainers, while 361 counters traded unchanged. Trading volume was 1.28 billion shares valued at RM763.14 million.

The gainers were led by Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, United Plantations Bhd and Careplus Group Bhd.

The actively trade stocks included Advance Synergy Bhd, Lambo Group Bhd, Kanger International Bhd, Permaju Industries Bhd, MMAG Holdings Bhd, Sapura Energy Bhd and Velesto Energy Bhd.

The decliners included Nestle (Malaysia) Bhd, KESM Industries Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Greatech Technology Bhd and Petronas Chemicals Group Bhd.

Reuters said Asian stocks opened lower today, tracking a sharply lower Wall Street session amid fresh concerns the global economic recovery might be running out of steam.

US stocks fell yesterday after data showed business activity slowed in September, with gains at factories more than offset by a retreat in services industries, it reported.

JF Apex Securities Research said US markets declined overnight following a selldown in technology counters and concerns over Covid-19.

It said that earlier, European stocks rose after slower economic data increased the possibility of further stimulus measures.

“On the local market, the KLCI tumbled 9.30 points to 1,496.48 points following political uncertainty.

“Following mixed performances in the US and Europe, the KLCI could remain sideways above the support at 1,475 points,” it said.