KLCI rises as glove counters come back into focus

TheStar Tue, Dec 08, 2020 12:51pm - 4 months ago


market up

KUALA LUMPUR: The FBM KLCI was slightly higher at midday as glove stocks rose amid a growing number of coronavirus cases globally.

Following two straight days of declines, glove counters jumped on expectations that demand and average selling prices will continue to be elevated as the pandemic showed no signs of slowing.

Top Glove climbed 33 sen to RM6.93 and Hartalega rose 14 sen to RM14.58.

Meanwhile, Supermax jumped 42 sen to RM8.12 while Comfort Gloves gained 28 sen to RM3.82.

At 12.30pm, the key index was up 3.94 points to 1,626.83. Trading volume was 6.76 billion shares valued at RM3.5bil.

"Given that Wall Street traded on a mixed note, we expect mild profit-taking activities to emerge on the local front within some of the recovery-themed stocks as the market could be overheated after trading volume on the local exchange surged above 10 billion dor the thid trading day," said United Malacca Securities.

Among the lower liners, profit-taking had set in with Hengyuan retracing some recent gains. The counter shed 38 sen to RM6.32.

Top actively traded counters included Metronic down one sen to 12 sen, Inix flat at 50 sen and Yongtai falling 2.5 sen to 36 sen.

Energy stocks were broadly lower as investors took some cash following the recent rally.

Sapura Energy lost 0.5 sen to 12.5 sen, Serba Dinamik fell six sen to RM1.89 while Bumi Armada dropped 0.5 sen to 36 sen.

Meanwhile, Asian markets came under pressure on growing anxiety over the surge in Covid-19 infections.

Japan's Nikkei and China's composite index dropped 0.25% each while Hong Kong's Hang Seng was down 0.6%.

South Korea's Kospi fell 0.7% while Australia's ASX 200 rose 0.25%.






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