KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
KUALA LUMPUR (June 1): The FBM KLCI closed up 16.89 points or 1.15% at 1,490.14 today, while trading volume across Bursa Malaysia topped 10 billion securities for the second time in less than a month, as global investors cheered news on the less-drastic-than-expected US measures in response to China’s new security legislation in Hong Kong. In Malaysia, rubber glove manufacturers powered the KLCI’s rise, analysts said.
Across Bursa today, 10.31 billion securities worth RM6.73 billion were traded. There were 511 gainers and 574 decliners.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said investors cheered the softer stance from Trump's remarks on China. “Back home, the continuous rally in heavyweight glovemakers powered the KLCI,” Leong said.
Globally, it was reported that Trump said he was directing his administration to begin the process of eliminating special treatment for Hong Kong in response to China's plans to impose new security legislation in the semi-autonomous territory.
But Trump made no mention of any action that could undermine the Phase One trade deal that Washington and Beijing struck early this year, a concern that had cast a cloud over the market throughout the week, Reuters reported.
Across Bursa today, trading volume topped 10 billion securities again, after rising to a record high at 11.21 billion securities on May 18. Trading volume across Bursa exceeded 10 billion securities for the first time on that day.
Today, Bursa’s leading gainers included KLCI-linked rubber glove manufacturers Top Glove Corp Bhd and Hartalega Holdings Bhd. Top Glove’s share price closed up RM2.24 or 16.84% at RM15.54.
Most active was K-One Technology Bhd, which registered a volume of some 581 million shares. The stock’s price closed up 12.5 sen or 39.06% at 44.5 sen.
Notable decliners included KLCI stock PPB Group Bhd. PPB’s share price closed down 26 sen or 1.5% at RM17.10 today, after the diversified group said on Friday (May 29) that net profit fell to RM187.27 million in the first quarter ended March 31, 2020 from RM248.45 million a year earlier. PPB said revenue was lower at RM1.07 billion versus RM1.16 billion.
Today, MIDF Amanah Investment Bank Bhd analyst Martin Foo Chuan Loong wrote in a note that PPB suffered a setback across its core businesses, due to the Covid19 pandemic.
"In particular, the film exhibition and distribution business is impacted the most. While we expect the majority of the core businesses would gradually return to normalcy, we opine that the film exhibition and distribution (will) remain loss-making in the foreseeable term.
"Nonetheless, we expect the contribution from its associate, Wilmar, (to) provide support to the group’s weakened earnings capability. All factors considered, we are maintaining our NEUTRAL recommendation at this juncture,” Foo said.
He said MIDF had however lowered its PPB share target price to RM17.95, from the RM18.60 previously.
Source: The Edge
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