KLCI gives up most gains on late selling of Tenaga, Petronas stocks

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Bursa Malaysia’s FBM KLCI pared all its hard-earned gains to close marginally higher on Monday due to late selling of Tenaga Nasional and Petronas stocks.

At 5pm, the FBM KLCI was up just 0.3 of a point or 0.02% to 1,370.16, off the intra-day high of 1,378. The broader market was mixed with 469 gainers, 396 losers and 360 counters unchanged. Turnover was 5.18 billion shares valued at RM2.24bil.

The marginal gains registered by the KLCI was in stark contrast with the key Asian markets which posted firmer gains, reflecting the carry over of the weak investment from last week.

F&N was the top gainer, up 40 sen to RM31.66, Heineken 20 sen to RM24 but Carlsberg fell 12 sen to RM27.80.

Other gainers were Sinotop, surging 22 sen to 35 sen with 26.2 millikon shares done, CCM 13 sen to RM1.16 while MGRC jumped 11.5 sen to 31.5 sen.

Chip maker MPI advanced 11 sen to RM10.52 but KESM fell nine sen to RM7.97.

Digi was the top performer, up 12 sen to RM4.48 and adding 1.45 points to the KLCI. Axiata gained one sen to RM3.70 but Maxis shed one sen to RM5.30.

Among the oil and gas stocks, Petronas Dagangan was the top loser, down 56 sen to RM19.74, Petronas Gas 10 sen to RM15.16 and Petronas Chemicals shed one sen to RM5.26.

Tenaga lost 10 sen to RM12.06 and erased 0.88 of a point and Sime Darby five sen to RM1.95.

Among the glove makers, Supermax fell nine sen to RM2.34 on profit taking after the recent rally following share buybacks. Hartalega lost three sen to RM7.57.

Among the plantations, Sungai Bagan rose 17 sen to RM2.65, United Plantations 14 sen to RM24.90. Sime Plantations advanced nine sen to RM4.80 and added 0.96 of a point, KL Kepong 10 sen to RM20.40, PPB Group rose four sen to RM16.16 but IOI Corp lost three sen to RM3.80.

China shares closed higher as the country reported a drop in fresh coronavirus cases and amid hopes for further stimulus to cushion the economic fallout of the pandemic, Reuters reported.

At the close, the Shanghai Composite index was up 0.25% at 2,815.49 while the blue-chip CSI300 index was up 0.68%.

Japanese shares rose sharply on Monday as some better-than-expected earnings and a rise in U.S. stock futures lifted market sentiment.

The benchmark Nikkei average advanced 2.7% to 19,783.22, its highest closing since April 17.

Source TheStar

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