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KUALA LUMPUR: The sharp decline in glove makers, until recently the darlings of the stock market, cast a blanket of pessimism over the broader market, as more than 1,000 counters were in the red as of Thursday’s close.
At 5pm, the FBM KLCI was down 6.6 points or 0.44% to 1,490.12, but off the intraday low of around 1,475.
The turnover was 8.40 billion shares valued at RM5.48bil. Those who decline hammered the leading five to obey or 1,023 losers to 200 winners and 293 unchanged counters.
Remisiers said that with the Sept. 30 moratorium looming, businesses and retail investors had to repay their loans and were therefore reducing their bets.
“Other problems were the excessive valuations of these shares. There were also too many stocks on the market after Top Glove and Supermax bond issuance, etc. ”Said a dealer.
However, he said that his clients had no problem with margins, but advised them to make a profit earlier. “It looks like your previous gains may have evaporated during the last few days of losses,” he joked.
Supermax fell RM1.38 to RM6.10 with 111.35 million shares made, Kossan lost RM1.26 to RM9.70, Hartalega
RM1.12 to RM11.88 and Top Glove 70 sen to RM6.45.
Comfort Gloves fell 57 sen to RM3.23 and Careplus 54 sen to RM2.02 while Rubberex 40 sen to RM4.30.
Also in red was Pharmaniaga, dropped 55 sen to RM4.01 and Duopharma 22 sen at RM2.75. IHH gained 15 sen at RM5.50.
Tech stocks also fell with Vitrox, losing 50 sen to RM11.80 and UWC 46 sen to RM5.55.
However, plantings appeared to have fared better with KL Kepong rising 58 sen to RM22.90 and PPB Group 22 sen to RM18.70.
Time dotCom gained 32 sen at RM11.72, Tenaga 32 sen also at RM11.50 while Petronas Chemicals gained 12 sen at RM5.72.
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