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KUALA LUMPUR: The FBM KLCI posted a sharp drop in trading mid-morning as investors took profit from glove counters amid news about the launch of China’s coronavirus vaccine.
At 12:30 p.m., the FBM KLCI fell 11.54 points to 1,499.43. Hartalega
It was seen to fall 82 sen to RM18.22 while Top Glove fell 48 sen to RM9.
Other glove makers also sold similarly, including Supermax 54 sen at RM9.82, Kossan sliding 42 sen at RM7.71 and Comfort Gloves losing 24 sen at RM4.64.
The outlook for the local stock market remains bearish amid the ongoing consolidation.
According to Malacca Securities Research, the absence of follow-up buying interest pushed the index down.
“With the lack of more buy support, the consolidation may continue with immediate resistance at 1,530 followed by 1,540.”
“On the other hand, immediate support is at 1,490, followed by 1,480,” he said.
Meanwhile, Mah Sing fell for a second day in profit-taking after climbing to a high of RM1.24 on Monday on the news of his adventure in the rubber gloves. Investors sold the share for seven sen at RM 1.11.
The stock was the third most traded of the morning with 166.29 million shares exchanging hands.
Topping the asset list, Luster was down 3.5 sen to 19 sen on 451 million shares traded and AT Systemization unchanged in nine sen with 232.13 million shares crossing.
In Asian markets, renewed hopes for a new round of US stimulus sent investors back to equities.
Japan’s Nikkei rose 0.4%, although China’s key index was down 0.35%
Hong Kong’s Hang Seng was up 0.7%, while Australia’s ASX200 was up 0.1% and South Korea’s Kospi was up 0.4%.
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