[ad_1]
KUALA LUMPUR: Bursa Malaysia closed lower on Thursday due to strong selling of glove stocks, especially Top Glove and Hartalega
, which helps drag the KLCI FBM down by almost 1.5%.
At 5 p.m., the KLCI was down 22.14 points or 1.44% to 1,515.40. The turnover was 9.410 million shares valued at RM5.42bil. There were 315 winners, 873 losers, and 377 unchanged counters.
The dealers said some investors were selling their original Top Glove shares, which went on sale Thursday while they waited for the bonus shares to be credited to their accounts on Monday.
Shares of Top Glove had adjusted from RM26.08 on Wednesday to RM8.70 sen, based on the ratio of two to one. Therefore, with the share price closing 32 sen at RM8.37 on Thursday, theoretically investors would have lost 96 sen.
Hartalega closed RM1.50 lost to RM13.86 while Kossan dropped RM1.12 to RM14.
Supermax, whose one-for-one bonus shares are extinguished on Friday, ended the day down RM20.33. Its share price will be adjusted to RM 10.16.
On the glove makers’ sale, traders said investors were taking money off the table, while there were also concerns that the unions would rally the shares and see them later.
Other counters that closed lower were Nestle, dropping RM2 to RM139.80 and Carlsberg 90 sen to RM21.
HLFG won the most, 44 sen at RM13.78, Batu Kawan 32 sen at RM15.38, SJC 25 sen at 95 sen, Time Com 22 sen at RM11.74 and Tasco 14 sen at RM1.43.
Vitrox gained 32 sen at RM12.82.
[ad_2]
