KLCI retraces earlier gains, glove makers in the spotlight


  • Markets
  • Tuesday, 21 Jan 2020

KUALA LUMPUR: The FBM KLCI ended the morning just marginally higher after retracing earlier gains.

By midday break, the index was just 0.29 points higher at 1,589.17, Trading volume was 1.56 billion shares valued at RM909.41mil. There were 396 decliners, 334 gainers and 368 counters unchanged.

Glove makers surged on Tuesday following news that the coronavirus outbreak in China might lead to increased demand.

The two glove manufacturers listed on the KLCI helped to shore up the index. Top Glove, the world's largest rubber glove producer, jumped 31 sen to RM5.13, while Hartalega climbed 25 sen to RM5.80.

Off the 30-stock benchmark, Supermax rose 12 sen to RM1.43 while Kossan added 19 sen to RM4.42. Comfort Gloves put on 3.5 sen to 80.5 sen.

Meanwhile the plantation sector was also seeing improved momentum led by KL Kepong gaining 14 sen to RM24.40, IOI rising one sen to RM4.61 and Sime Darby Plantation adding two sen to RM5.30.

Banks remained mostly unchanged with the three largest institutions - Maybank, Public Bank and CIMB - remaining unmoved from the previous session's close.

The three top traded stocks in the morning session were VC down one sen ot nine sen, Yong Tai up two sen to 15.5 sen and Rimbunan Sawit gaining three sen to 35 sen.

In oil markets, investors took some money off the table as concerns over a force majeure declared in Libya shut down operations in two major oil fields.

US crude was down 15 cents to US$58.39 a barrel and Brent crude fell 32 cents to US64.88 a barrel.

On the forex market, the ringgit eased against a basket of currencies as traders awaited new leads.

The local currency slipped 0.25% against the US dollar at 4.0675, 0.25% against the pound sterling at 5.3936 and 0.1% against the Singapore dollar at 3.0152.

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