KLCI rises 0.58% as glove makers lift on increasing positive Covid-19 cases, MCO

KUALA LUMPUR (Jan 20): The main index at Bursa Malaysia rose 0.58% at mid-morning today as index-linked glove makers advanced after the whole of Malaysia, with the exception of Sarawak, was placed under the Movement Control Order (MCO) from Jan 22 to Feb 4.

Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob yesterday said the measure was taken after the increasing positive Covid-19 cases in the community in the states involved.

At 10am, the FBM KLCI rose 9.37 points to 1,611.25.

Gainers led losers by 491 to 310, while 405 counters traded unchanged. Trading volume was 1.48 billion shares valued at RM963.75 million.

The gainers included JF Technology Bhd, Unisem (M) Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Public Bank Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Top Glove Corp Bhd.

The actively traded stocks included HPP Holdings Bhd, DGB Asia Bhd, KTG Bhd, Yong Tai Bhd, PDZ Holdings Bhd, Tiong Nam Logistics Bhd and Sapura Energy Bhd.

The decliners included Nestle (M) Bhd, Euro Holdings Bhd, Press Metal Aluminium Holdings Bhd, Genetec Technology Bhd, Genting Bhd and SAM Engineering & Equipment (M) Bhd.

Reuters said investors in Asian markets were poised for gains on Wednesday after Wall Street indexes rose on the back of US Treasury Secretary nominee Janet Yellen’s push for a sizable fiscal relief package in response to the Covid-19 pandemic.

JF Apex Securities Research said Wall Street started the week with modest gains ahead of President-elect Joe Biden’s inauguration.

It said the Dow rose more than 100 points on Tuesday, while the S&P 500 gained 0.8%, snapping a two-day losing streak.

“The Nasdaq Composite rallied 1.5% as big technology stocks rebounded from last week’s sharp losses. Earlier, European stocks fell as investors monitored hopes for economic recovery and the confirmation speech of incoming US Treasury Secretary Janet Yellen.

“On the local market, the FBM KLCI dropped 7.64 points or 0.47% to 1,601.88 points.

“Following the positive performance in Wall Street, the FBM KLCI could stage a rebound with support at 1,570 points,” it said.

Source: TheEdgeMarkets