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KUALA LUMPUR: Top Glove and Hartalega
provided the momentum to FBM KLCI on Friday and propelled it above the crucial 1,500 level.
At 5 p.m., the KLCI was up 14.34 points, or 0.96%, at 1,504.46. The turnover was 7.65 billion shares valued at RM6.49bil. There were 729 winners, 348 losers, and 396 unchanged counters.
Top Glove rose RM1.31 to RM7.76 and pushed the KLCI up to 20.74 points, while Hartalega’s 56 sen rise to RM12.44 gave the index a 3.73 point increase.
However, of the 30 KLCI shares, another six ended unchanged and the rest in the red.
It remains to be seen whether these two glove makers can sustain their rebound due to volatility in their stock prices and the large differences in target prices and the opinions of the analysts covering them.
KAF has a Top Glove buy and a target price of RM9.35, PublicInvest Research a commercial buy and a TP of RM8.90 while Macquarie has an underperformer and a TP of RM5.40, HSBC holds and TP RM8.33 .
As for Hartalega, KAF has a buy, TP RM24.24, Macquarie neutral, TP RM19.70, UOB Kay Hian hold, TP RM19.50 and purchase of Affing Hwang Investment, TP RM28.80.
Supermax won the most, increasing RM1.40 to RM7.50, Kossan 98 sen to RM10.68, Rubberex 98 sen also RM5.28, Hartalega 56 sen to RM12.44, Careplus 49 sen to RM2.51 and Adventa 47 sen at RM2.19.
Among the other counters, Petronas Chemicals fell eight sen to RM5.64 and erased 1.24 points, Petronas Dagangan fell 28 sen to RM20.50 and Petronas Gas changed RM16.54. Dialogue was flat on RM3.65.
Light US crude rose seven cents to $ 37.37, but Brent was down three cents to $ 40.03.
Crude palm oil for 3rd month delivery fell RM6 to RM2,808 per tonne. KL Kepong fell 42 sen to RM22.48, PPB Group eight sen to RM18.62, IOI Corp three sen to RM4.45 while Sime Plantation held steady at RM5.06.
As for banks, Maybank fell eight sen to RM7.45, Public Bank 10 sen to RM16.08, RHB Bank seven sen to RM4.63, CIMB one sen to RM3.18 while Hong Leong Bank held steady at RM14 .80.
Tenaga extended its decline, losing eight sen to RM11.42, Sime Darby three sen to RM2.27, MISC four sen to RM7.55 while Genting and GentingM each fell two sen to RM3.48 and RM2.21.
Among the key Asian markets, Japan’s Nikei 225 rose 0.74%, Hang Seng index 0.78%, Shanghai composite 0.79%, Taiwan taiex lost 0.12%, South Korea’s Kospi was flat while Sigapore’s Straiots Times Index lost 0.1%.
The ringgit was up 0.28% against the US dollar at 4.1520.
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