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KUALA LUMPUR: The FBM KLCI bounced higher to the 1,500 point level as glove stocks regained some momentum due to a growing number of coronavirus cases globally.
At 12:30 p.m. M., The key index rose 3.39 points to 1,500.16. Trading volume was down to 2.64 billion shares valued at RM1.73bil, in line with expectations of a slowdown in interest from local retail participants.
The slow trade was also attributed to few leads for investors, as the China and South Korea markets were closed for national holidays.
While the Hong Kong Stock Exchange will reopen on Monday, the China Stock Exchange will remain closed until October 8.
Among glove heavyweights, Top Glove rose 18 sen to RM8.61 and Hartalega
won 72 sen at RM16.98.
Smaller rivals in the sector also advanced, led by Kossan which rose 42 sen to RM13.92, Comfort Gloves gained 18 sen to RM3.86 and Supermax rose 30 sen to RM8.72
Meanwhile, Public Bank broke three days of gains to lose 12 sen to RM15.66. Maybank also fell six sen to RM7.12 while Hong Leong Bank lost four sen to RM14.96, CIMB was up one sen to RM3.09 and RHB gained one sen to RM4.51.
At plantation counters, Sime Darby Plantation it rose one more sen to RM4.80. The plantation company today acknowledged its concern over reports that it will be the “next major plantation company” to be hit with an import ban by US Customs and Border Protection. The stock had slumped 5% in the previous session.
FGV, the target of a US ban, fell one sen to RM1.04. IOI was up one sen to RM4.40 and Kuala Lumpur Kepong was unchanged at RM22.70.
The best assets of the day were XOX up to 0.5 sen to 12 sen, Bintai Kinden unchanged at 66.5 sen and flat iris at 32.5 sen.
Meanwhile, in overseas markets, Japan’s Nikkei was up 0.2%, while Australia’s ASX200 was down 0.3%.
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