Top Glove, Budget concerns weigh on sentiment

KUALA LUMPUR: Investors’ concerns about whether the 2021 budget would receive majority approval in parliament on Thursday and the closure of some of Top Glove’s factories weighed on Tuesday at noon in Bursa Malaysia.

At 12:30 p.m., the KLCI fell 9.75 points or 0.61% to 1,587.73, with Top Glove responsible for more than half of the losses in the index.

Sales were 5.46 billion shares with a value of RM2.41 billion. The broader market was weaker with declining players beating progress by 3.5 to one, or 874 losers to 245 winners and 409 counters unchanged.

Of the main Asian markets, Japan’s Nikkei 225 rose 2.7%, Hong Kong’s Hang Seng index 0.05% and Singapore’s Straits Times index 0.86%, but Shanghai Composite 0.07%.

In Bursa, Top Glove was among the top losers after 28 factories in Kapar, Klang will be closed in stages following an increase in Covid-19 cases. It fell 45 sen to RM6.90 and beat the KLCI 5.66 points.

Hartalega rose four sen to RM14.50 and Supermax seven sen higher at RM8.23.

US light crude rose 43 cents to $ 43.49 and Brent added 40 cents to $ 46.46.

Petronas Gas gained 26 sen against RM17.16, Petronas Chemicals remained stable at RM6.78 but Petronas Dagangan lost RM 1.02 against RM21.08.

GETS Global and Vivocom, which had risen sharply in recent days in the absence of positive company news, slipped as brokers were cautious about these counters.

Vivocom lost 36 sen to 86 sen in very active trading, while its warrants WE tumbled 27.5 sen to 49.5 sen.

Bursa Securities, which had previously warned investors about GETS’s recent price hike, saw its share price drop 26 sen to RM2.40.

Consumer stocks also declined due to some profit taking, with Nestle declining RM1.40 to RM139.60, Carlsberg from RM1.14 to RM21.38 and Heineken 40 sen to RM21.90.

Crude palm oil for delivery in the third month fell by RM50 to RM3,276 per ton.

IOI Corp lost two sen to RM4.51, KLK dropped eight sen to RM23.56, PPB Group 10 sen to RM18.52 while Sime Plantation was flat at RM5.17.

Source link