KLCI swings back to above 1,500-point level as index-linked glove makers lift amid rising virus cases

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KUALA LUMPUR (July 1): The FBM KLCI swung back to above the 1,500-point level at the midday break as index-linked glove makers recouped the benchmark’s earlier losses amid rising Covid-19 cases in several countries.

Also lifting sentiment was Malaysia's manufacturing sector returning to growth in June as lockdown measures aimed at stemming the spread of Covid-19 were partially lifted.

The headline IHS Markit Malaysia Manufacturing Purchasing Managers’ Index (PMI) rose sharply to 51.0 in June, its highest since September 2018.

At 12.30pm, the KLCI was 6.51 points higher at 1,507.48. The index earlier slipped to a low of 1,497.54.

Gainers led losers by 365 to 261, while 583 counters traded unchanged. Trading volume was a brisk 4.41 billiion shares valued at RM1.57 billion.

The top gainers included Hartalega Holdings Bhd, Top Glove Corp Bhd, Chin Teck Plantations Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Lii Hen Industries Bhd, Mega First Corp Bhd, Malaysian Pacific Industries Bhd, JHM Consolidation Bhd and Latitude Tree Holdings Bhd.

The actives included Vsolar Group Bhd, AT Systematization Bhd, Pegasus Heights Bhd, Iris Corp Bhd, Hubline Bhd, Lambo Group Bhd, Sasbadi Holdings Bhd and Green Packet Bhd.

The decliners included Nestle (Malaysia) Bhd, Dutch Lady Milk Industries Bhd, PPB Group Bhd, Maxis Bhd, Apex Healthcare Bhd, Carlsberg Brewery Malaysia Bhd, MyEG Services Bhd and British American Tobacco (Malaysia) Bhd.

JF Apex Securities Research said US markets rose overnight despite rising cases of Covid-19 which saw 12 states postponing their reopening of economies.

It said European stocks ended mixed amid better-than-expected China manufacturing data and concerns over the spike in Covid-19 cases.

“On the local market, the FBM KLCI rose 6.54 points to 1,500.97 points.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways below the resistance level of 1,515 points,’ it said.