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KUALA LUMPUR (Sept 24): Renewed buying interest in glove counters helped FBM KLCI close higher at 1,500.80, an increase of 4.32 points, offsetting the trend of its regional peers.
Two-component shares – Top Glove Corp Bhd gained 53 sen or 6.61% to close at RM8.55 while Hartalega Holdings Bhd rose RM1.40 or 9.7% to close at RM15.90. The two accountants were the top percentage winners among the 30 component stocks.
It is worth noting that the largest market capitalization, Malayan Banking Group Bhd, saw its market capitalization drop below RM80 billion today, after its share price closed down eight sen or 1.12% to its Six month minimum of RM7.09.
Other indexed bank stocks such as CIMB Group Holdings Bhd, RHB Bank Bhd and Public Bank Bhd were not spared from the sale. CIMB shares closed five sen or 1.61% lower at RM3.05 while RHB BANK closed five sen or 1.08% lower at RM4.59 and Public Bank was 12 sen or 0.77% lower at RM15.52.
Other glove counters were also trending up. Kossan Rubber Industries Bhd gained RM1.10 or 9.24% to close at RM13 and Supermax Corp Bhd was up 58 sen or 7.41% to close at RM8.41.
Trading volume was down 30% to 5.9 billion shares today from 8.45 billion yesterday, indicating the market’s cautious tone. However, the turnover was slightly higher at RM4.56 billion compared to RM4.33 billion yesterday. There were 511 losers to 426 winners, while 520 counters were unchanged.
Metronic Global Bhd was the most traded share with 249.3 million shares traded, equivalent to 20% of its share capital, followed by Advance Synergy Bhd, MNC Wireless Bhd and HLT Global Bhd.
The main losers (in value) were Nestlé (M) Bhd, Heineken Malaysia Bhd, TIME dotCom Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Financial Group Bhd, KESM Industries Bhd, PPB Group Bhd, MMAG Holdings Bhd and Petronas Chemicals Group Bhd.
Today, glove counters dominated the list of winners in Bursa Malaysia. The list was led by Hartalega, while Top Glove was the sixth biggest winner.
The health index rose almost 4% to close at 3,685.92.
Loui Low, head of research at Malacca Securities Sdn Bhd, told theedgemarkets.com that the buying momentum shown among glove counters helped propel the KLCI higher today.
Despite the political uncertainties, he expects more advantages for the glove counters share price supported by high certainty about the industry’s earnings. This was regardless of the current political noise.
“In addition, from a technical point of view, the four major glove counters, Hartalega, Top Glove, Kossan Rubber Industries Bhd and Supermax Corp Bhd … all these actions have led to the breakdown of the formation of flags, which indicates a greater advantage in the future, “he added. .
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