Bursa Malaysia ends at six-month high, Top Glove and Hartalega lead

Bursa Malaysia ended above 1,600 points today, a level last seen in January this year. — Bernama pic
Bursa Malaysia ended above 1,600 points today, a level last seen in January this year. — Bernama pic

KUALA LUMPUR, July 13 — Bursa Malaysia ended above 1,600 points today, a level last seen in January this year, with the key index movers — Top Glove and Hartalega, both increased by more than three per cent.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 14.59 points to 1,606.43 compared with Friday’s close of 1,591.84.

The index opened 4.56 points higher at 1,596.40 and moved between 1,595.75 and 1,608.34.

Market breadth, however, remained negative with losers outpacing gainers 576 to 499, while 388 counters were unchanged, 491 untraded and 22 others suspended.

Total volume increased to 9.55 billion units valued at RM5.7 billion from Friday’s 8.70 billion shares worth RM5.03 billion.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said majority of the Asian bourses were in the green zone with the Shenzhen Composite Index leading the pack, rising more than three per cent.

“Only Singapore, represented by the FTSE Straits Times Index, saw a decline of less than one per cent amidst a post-election sell-off,” he told Bernama.

The domestic market also received an impetus from potential Covid-19 treatment, thus increasing hopes of a faster economic recovery, after Gilead Sciences said Remdesivir reduced risk death in Covid-19 patients with more studies needed.

Meanwhile, AxiCorp chief global market strategist Stephen Innes said growing Covid-19 cases count in the United States (US) on the cusp of US earnings reporting season saw investors building on stocks they think might be immune to the virus lockdown.

In addition, the market also saw some oil and gas concerns ahead of the Organisation of the Petroleum Exporting Countries (OPEC) joint ministerial monitoring committee meeting this week.

The Brent and the West Texas Intermediate crude fell more than one per cent to US$42.68 and US$39.93 per barrel, respectively. 

Innes said investors were also looking out for the monetary policy decision by the European Central Bank and the Bank of Japan, as well as the earnings season due to kick off next week.

They are also keeping an eye on economic data including China’s second-quarter economic performance.

Back home, heavyweights Top Glove surged RM2.08 to RM24.00, Hartalega was 84 sen higher at RM17.90, IHH increased six sen to RM5.40, and Hong Leong Bank rose 30 sen to RM14.82.

PChem lost eight sen to RM6.22 while Maybank and CIMB declined one sen each to RM7.89 and RM3.80 respectively.

Of the most active, PDZ Holdings rose three sen to 23.5 sen, VSolar dipped 1.5 sen to four sen, Pegasus was half-a-sen higher at two sen, and Anzo slid four sen to 15.5 sen.

On the index board, the FBM Emas Index was 112.01 points higher at 11,318.82, the FBMT 100 Index increased 113.67 points to 11,175.05 and the FBM Emas Shariah Index rose 188.07 points to 13,000.02.

The FBM 70 expanded 191.09 points to 14,007.94 and the FBM ACE climbed 71.86 points to 7,247.51.

Sector-wise, the Financial Services Index improved 5.06 points to 13,551.70, the Plantation Index dropped 15.80 points to 6,845.28 and the Industrial Products and Services Index eased 0.18 of-a-point to 138.89.

Main Market volume narrowed to 4.33 billion units worth RM4.66 billion from 5.70 billion shares worth RM4.21 billion on Friday.

Warrants turnover increased to 1.91 billion shares valued at RM609.48 million vis-a-vis 751.77 million units valued at RM336.19 million previously.

Volume on the ACE Market rose to 3.3 billion units worth RM436.25 million versus 2.25 billion shares worth RM492.04 million.

Consumer products and services accounted for 472.99 million shares traded on the Main Market, industrial products and services (845.35 million), construction (176.72 million), technology (643.03 million), SPAC (nil), financial services (53.46 million), property (490.91 million), plantations (51.03 million), REITs (7.82 million), closed/fund (55,400), energy (503.89 million), healthcare (154.63 million), telecommunications and media (110.87 million), transportation and logistics (773.82 million), and utilities (46.98 million). — Bernama

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