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KUALA LUMPUR: Glove manufacturers’ profit making accelerated in the afternoon session especially for Top Glove and Hartalega
and sent the FBM KLCI key below the crucial 1,500 level.
At 5pm, the KLCI was down 18.57 points or 1.23% to 1,492 and was the worst performer among major Asian markets.
Bursa’s turnover was 8.47 billion shares valued at RM5.94bil. The decliners beat the forward 758-375 while 393 counters were unchanged.
Glove makers’ profit taking is considered healthy due to several months of price increases. Purchases are expected to pick up later as glove manufacturers’ profits are seen as sustainable due to demand.
MIDF Research was also the last research house to point out that the weight of glove counters in the KLCI possibly increases 30% to 40% from the current 15% if Supermax Corp and Kossan Rubber Industries are added to the 30-share index.
In Wednesday’s trade, Top Glove fell 60 sen to RM8.88 and eliminated 7.5 points while Hartalega, which lost RM1.20 to RM17.84, erased 6.28 points.
Supermax fell 86 sen to RM9.50, Kossan 81 sen to RM7.32 and Comfort 41 sen to RM4.47.
Mah Sing fell five sen to RM1.13 with 208 million shares made, breaking its recent rally since last Friday when it announced its foray into glove making and healthcare.
Among banks, Maybank fell three sen to RM7.15, Public Bank four sen to RM15.76 and CIMB Bank one sen to RM3.03 but Hong Leong Bank gained two sen to RM15.
Tenaga was flat at RM10.02, IHH added one sen at RM4.96 while MISC dropped four sen at RM6.40. GentingM was flat on RM2 and Geting RM3. Sime Darby won seven sen at RM2.45.
Regarding plantations, Sime Plantation lost seven sen to RM4.91, PPB Group four sen to RM18.78 and KL Kepong 12 sen to RM21.58 .. IOI Corp rose one sen to RM4.29.
Among Petronas-linked stocks, Petronas Chemicals lost five sen to RM5.84, Petronas Dagangan two sen lower to RM17.88 while Petronas Gas was flat at RM16.08. Dialog delivered five sen to RM3.72.
In technology and semiconductor stocks, MPI was the worst performer, falling 62 sen to RM20.08 after the sharp rise. KPower rose 18 sen to RM3.48 and JFTech added 13 sen to RM4.29.
Post Malaysia rose 10 sen to 91.5 sen on 98.7 million shares in a technical buy on the bullish buying momentum.
On the external front, Japan’s Nikkei 225 rose 0.31%, Hong Kong’s Hang Seng Index added 0.75%, but the Shanghai Composite fell 0.09% and Singapore’s Straits Times Index fell. 0.12%.
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