Quick take: Consumer stocks top gainers list on Bursa

KUALA LUMPUR: Consumer stocks dominated the gainers’ list on Bursa Malaysia in early trade Tuesday.

The Bursa Malaysia Consumer index added 5.87 points, or 1% to 595.36 points this morning.

NESTLE (M) BHD, HEINEKEN MALAYSIA BHD, CARLSBERG BREWERY MALAYSIA BHD and British American Tobacco (BAT) are among the top gainers on Bursa Malaysia.

Nestle rebounded RM1.40, or 1% to RM141.60 leading the top gainers’ list. Carlsberg added 82 sen to RM29.70, Heineken gained 80 sen to RM23.80 while BAT added 22 sen to RM12.58.

Dealers said consumer stocks, which are defensive in nature, would dominate trading when there were lack of market catalysts and uncertainties.

The Consumer Price Index (CPI) increased by 1.6% in January 2020, the fastest since May 2018, due to higher transport costs following higher fuel prices.

The CPI rose to 122.4 from 120.5 a year ago but the 1.6% increase was slightly slower that the 1.7% forecast by economists in a Bloomberg survey.

Source: TheStar