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KUALA LUMPUR: Market sentiment in Bursa Malaysia was bearish in the morning session on Tuesday, as investors worried about the direction of the stock market as glove makers, the leaders in the run-up to the In recent months, they lost ground.
At 12.30pm, the FBM KLCI was down 15.23 points or 1% to 1,501.15 after briefly falling below the key 1,500 in the late morning mainly due to losses at Hartalega.
and Top Glove.
The trading volume was 5.710 million shares valued at RM2.44bil. The overall market was weaker as the declines beat out those advancing 867 to 195 and the 340 counters were unchanged.
Kossan fell 88 sen to RM12.82, Supermax 66 sen to RM8.34 and Rubberex 23 sen to RM4.92. Comfort Gloves skidded 18 sen at RM3.95, despite strong earnings results.
Hartalega and Top Glove weighed on the KLCI. Hartalega lost 50 sen to RM13.50 and Top Glove 41 sen to RM7.87.
The recent selling episodes could cause some concern among smaller investors about the direction of glove makers despite strong earnings potential.
Nestlé was the main loser, down RM1.8o to RM139.20.
Among semiconductor stocks, Greatec lost 32 sen to RM6.23 and KESM 27 sen to RM8.88. Unisem fell 10 sen to RM3.77 while MPI fell two sen to RM17.80.
Furniture maker Latitude Tree fell 24 sen to RM2.49 and gave up nearly half of Monday’s earnings.
However, Woodlander gained 13 sen at 56 sen, Lii Hen 14 sen at RM3.35 and Evergreen Fibreboard 8.5 sen at 34.5 sen with 291 million shares traded.
Ipmuda jumped 18.5 sen to 78 sen and MBMR nine sen to RM3.24.
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