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News Admin
 
Date
 02/10/2020
News Provider
 Norsaidatul Najwa Mohd Shaharmi
News Source
 The Edge Markets
Headline
 KLCI stays weak as manufacturing sector loses momentum, FGV falls 7.8% on US palm oil import ban


The Edge Markets (01/10/2020) KUALA LUMPUR (Oct 1): The main index of Bursa Malaysia started the final quarter of 2020 on a weaker note and stayed below the 1,500-point level as the Malaysian manufacturing sector showed signs of losing momentum at the end of the third quarter, while index-linked plantation stocks dragged.


The headline IHS Markit Malaysia Manufacturing Purchasing Managers’ Index (PMI) — a composite single-figure indicator of manufacturing performance — posted 49.0 in September, down fractionally from 49.3 in August and falling for the third month running following June's rebound.



At 12.30pm, the FBM KLCI had lost 12.68 points to 1,492.14.



Losers led gainers by 345 to 259, while 660 counters traded unchanged. Trading volume was 2.78 billion shares valued at RM1.3 billion.



The top losers included Nestle (Malaysia) Bhd, PPB Group Bhd, Hong Leong Financial Group Bhd, Petronas Gas Bhd, Genting Plantations Bhd, Kossan Rubber Industries Bhd, Sime Darby Plantation Bhd, MISC Bhd, Malaysian Pacific Industries Bhd and Carlsberg Brewery Malaysia Bhd.



Meanwhile, FGV Holdings Bhd fell 7.83% or nine sen to RM1.06, with a market capitalisation of RM3.87 billion, in the morning session after the plantation unit was slapped by the US with a palm oil import ban.



The actively traded stocks included XOX Bhd, Kanger International Bhd, Iris Corp Bhd, Bintai Kinden Corp Bhd, Bumi Armada Bhd and Prestariang Bhd.



The gainers included Scientex Bhd, ViTrox Corp Bhd, Batu Kawan Bhd, Heineken Malaysia Bhd, Pentamaster Corp Bhd, United Plantations Bhd, Ajinomoto (Malaysia) Bhd, Time dotCom Bhd and Allianz Malaysia Bhd.



Reuters said global shares tried to extend gains today on renewed hopes for fresh US stimulus measures, but mounting uncertainty ahead of the US presidential election kept gains in check.



S&P 500 futures rose 0.6% in Asia, extending Wall Street shares' rebound overnight after strong employment data and talk of progress in long-delayed Covid-19 relief legislation, it reported.



Markets in China, Hong Kong, Taiwan and South Korea are shut for holidays today.



Rakuten Trade Sdn Bhd said in view of a more positive opening of the Dow Jones Industrial futures, it reckoned regional markets could trend higher today following a rather listless performance yesterday.



“As for the local bourse, we expect the KLCI to test the 1,510-point mark after a few close calls yesterday.



“Based on our seasonal readings, 4Q is usually a better period for equities than 3Q,” it said.



Read more at https://www.theedgemarkets.com/article/klci-stays-weak-manufacturing-sector-loses-momentum-fgv-falls-78-us-palm-oil-import-ban




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