FBM KLCI higher as investors bargain hunt; Top Glove falls
KUALA LUMPUR (July 9): The FBM KLCI gained 6.89 points or 0.4% as investors bargain-hunted for Malaysian shares, following a decline in KLCI component stock prices recently.
At 12:30pm today, the KLCI settled at 1,670.75 points. On Friday, the KLCI fell 26.79 points to close at 1,663.86 points.
Today, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com over telephone: “We are seeing some bargain hunting activities. For example, Tenaga (Nasional Bhd) has seen quite a lot of activities, as investors with long-term investment horizon are seeing opportunities and value emerging, after a sharp sell down in the last two months.”
“Most investors are waiting on the sideline to have a better view on the impact from the trade tension between the US and China,” Lau said.
Across Bursa Malaysia, top gainers included Petronas Gas Bhd and Tenaga. Leading decliners included Top Glove Corp Bhd and Kossan Rubber Industries Bhd.
Top Glove’s share price hit limit down, after falling as much as RM3.63 or 30% to RM8.47 so far today. Top Glove shares dropped, after it said on Friday that the company and its wholly-owned subsidiary Top Care Sdn Bhd had taken legal action against Adventa Capital Pte Ltd, besides Low Chin Guan, Wong Chin Toh and ACPL Sdn Bhd.
Source: The Edge