KUALA LUMPUR, July 15 — Bursa Malaysia fell for the second straight day as investors went on a selling spree of glove stocks, mainly Hartalega and Top Glove.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 13.19 points to its day’s low of 1,585.56 compared with Tuesday’s close of 1,598.75.
The market had opened 2.77 points higher at 1,601.52.
Market breadth, however, was positive as gainers surpassed losers 558 to 456, while 424 counters were unchanged, 519 untraded and 25 others suspended.
Total volume declined to 8.24 billion shares worth RM5.01 billion from 8.76 billion units valued at RM8.22 billion yesterday.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the FBM KLCI was still trading below 1,600 points, mainly dragged by glove counters such as Top Glove and Hartalega.
The glove stocks were hit by selling pressure as fresh hope for Covid-19 vaccine and profit-taking activities snapped their rally.
Overseas, he said, the majority of Asian equity markets were in the green zone led by India’s S&P BSE Sensex Index, as investors cheered the positive developments.
US biotech firm Moderna Inc has reportedly found a Covid-19 vaccine to induce immune responses in all of the Phase 1 volunteers and would enter the final stage of human trials for its vaccine on July 27.
Adam said the potential vaccine by Moderna Inc helped to outweigh concerns over Hong Kong sanctions.
US President Donald Trump said today that he had signed a legislation that would sanction China in response to the crackdown on political dissent in Hong Kong.
Following this, China has vowed to retaliate against the US and will make necessary responses to protect its legitimate interests and impose sanctions on relevant US personnel and entities, further raising worries over the escalating trade war.
On the domestic front, Hartalega lost RM1.40 to RM15.60 and Top Glove shed RM1.36 to RM21.80.
Among other heavyweights, PetChem retreated 13 sen to RM6.18 and Genting Malaysia went down four sen to RM2.51.
In contrast, Hong Leong Bank increased by 38 sen to RM15.18, Maybank was five sen higher at RM7.91 and Sime Darby Plantation rose 10 sen to RM5.13.
Of the most active, PDZ eased one sen to 16 sen, XOX edged up four sen to 10 sen and MQTech rose three sen to 11.5 sen
MQTech is teaming up with a Hong Kong-based company in a bid to acquire a glove manufacturer.
Meanwhile, newly listed Reservoir Link Energy closed at 51.5 sen — 10.5 sen above its offer price.
On the index board, the FBM Emas Index was 68.19 points lower at 11,184.65, the FBMT 100 Index decreased 77.97 points to 11,036.95 and the FBM Emas Shariah Index dipped 116.52 points to 12,807.42.
The FBM 70 lost 42.83 points to 13,862.95 and the FBM ACE improved 76.47 points to 7,236.26.
Sector-wise, the Financial Services Index added 40.75 points to 13,534.21, the Plantation Index improved 115.70 points to 6,962.35 and the Industrial Products and Services Index eased 0.38 of-a-point to 137.77.
Main Market volume rose to 4.53 billion units worth RM4.08 billion from 4.20 billion units worth RM6.45 billion yesterday.
Warrants turnover fell to 627.27 million shares valued at RM236.57 million from 1.16 billion shares valued at RM539.57 million previously.
Volume on the ACE Market slipped to 3.08 billion units worth RM696.91 million from 3.4 billion units worth RM1.23 yesterday.
Consumer products and services accounted for 802.69 million shares traded on the Main Market, industrial products and services (748.48 million), construction (140.23 million), technology (948.69 million), SPAC (nil), financial services (52,16 million), property (205.30 million), plantations (229.45 million), REITs (14.47 million), closed/fund (101,800), energy (494.30 million), healthcare (136.23 million), telecommunications and media (97.14 million), transportation and logistics (632.68 million) and utilities (35.57 million). — Bernama
