KUALA LUMPUR: Plantations and glove makers weighed on the FBM KLCI at the midday break on Friday on the weaker outlook for the sectors while the country grapples with the Covid-19 pandemic.
At 12.30pm, the FBM KLCI was down 3.2 points or 0.21% to 1, 531.03. Turnover was 3.37 billion shares valued at RM1.54bil. The broader market weaken with nearly 500 decliners to almost 300 advancers or 499 losers to 287 gainers and 431 stocks unchanged.
FMM president Tan Sri Soh Thian Lai appealed to the government to immediately move into Phase 2 of the NRP to prevent permanent and irreversible damage to business and the economy.
He said the manufacturing sector is already severely impacted by business closures of the non-essential sectors and the reduced capacity operations of the essential sectors.
KL Kepong fell 16 sen to RM20.14, Sime Plantation six sen to RM4, IOI Corp three sen to RM3.76 but PPB Group was flat at RM18.20. GenP lost 16 sen to RM7.17.
Hartalega lost 12 sen to RM7.02 and Top Glove four sen to RM4.03 while Supermax, which was recently removed from the 30-stock KLCI, was down by five sen to RM3.26.
Maybank Investment Bank Research has downgraded the glove sector to neutral on concerns of declining average selling price (ASP) trend and lack of strong catalysts over the medium term.
As for banks, Public Bank and RHB Bank lost two sen each to RM4.10 RM5.39, CIMB and Maybank were unchanged at RM4.64 and RM8.11. Also ending the morning flat was Hong Leong Bank at RM18.80.
As for telcos, Axiata rose six sen to RM3.84 and Digi two sen to RM4.19 as they move ahead with the merger of Celcom and Digi.
Kenanga Investment Bank Research is retaining its neutral outlook on the telecommunications sector as it expects the Big 3 to continue regaining postpaid market share, albeit to the detriment of their average revenue per unit (ARPUs).
Petronas Dagangan advanced four sen to RM18.58 while Petronas Chemicals was unchanged at RM8.05.
Consumer stocks also lost ground at midday except for Nestle, which rose 60 sen to RM133.90. Carlsberg and Heineken have stopped operations under the recent MCO, saw their share prices declining.
Carlsberg lost 38 sen to RM21.70 and Heim 22 sen to RM23.04, F&N 18 sen to RM26.22 and Dutch Lady 16 sen to RM33.80.
Genetec jumped RM1.96 to RM11.98 but Vitrox fell 26 sen to RM14.54.
Uncertainties about the indefinite given the indefinite prolonged lockdown dragged Genting five sen lower to RM4.93 and GentingM unchanged at RM2.81.
Serba Dinamik was unchanged at 38 sen with 359.45 million shares done, its warrants rose 0.5 sen to 10c, SCIB jumped 7.5 sen to 82.5 sen, SCIB-WB 3.5 sen to 29 sen and KPower advanced 3.5 sen to 94 sen.