KLCI dips 0.37% as Hartalega and Top Glove lead decliners, regional markets mixed

KUALA LUMPUR (Aug 10): The FBM KLCI fell 0.37% in early trade this morning, as index-linked glovemakers Hartalega Holdings Bhd and Top Glove Corp Bhd led the decliners, while regional market started the week mixed.

At 9.05am, the benchmark index fell 5.75 points to 1,572.39.

The top losers included Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Rubberex Corp Bhd, Hap Seng Consolidated Bhd, Comfort Gloves Bhd, PPB Group Bhd, Top Glove Corp Bhd and HLT Global Bhd.

Bloomberg said the dollar was steady at the start of the trading week and stocks opened mixed as investors weighed uncertainty over the timing of a stimulus package from Washington and looked ahead to this week’s expected review of the U.S.-China trade pact.

Oil climbed, it said.

Brent crude futures were up 40 cents, or 0.9%, at US$44.80 a barrel.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street struggled as talks on new fiscal stimulus package is still ongoing amid the increased tension as Trump is now targeting both Tik Tok and Wechat.

It said whilst the Dow Jones Industrial Average gained 46 points to 27,433, tech heavy Nasdaq lost some ground but remains above the 11,000 mark.

“As such, we can expect regional markets to be mixed today with the local bourse to possibly consolidate further.

“Though the FBM KLCI is expected to oscillate within the 1,570-1,585 range, we reckon buying interests on penny stocks to stay,” it said.–The Edge


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