Glove makers charge ahead, boosts investor sentiment


  • Markets
  • Tuesday, 12 May 2020

At Bursa, in last week’s trade shorten week, foreign funds were net sellers at RM774.1mil but the selling was absorbed by local institutions and retail investors at RM467.7mil and RM306.4mil.

KUALA LUMPUR: Glove makers rallied in early Tuesday trade on rising concerns about an increase in the Covid-19 coronavirus in several countries which would spur greater demand for the products.

At 9.11am, the FBM KLCI was up 2.37 points or 0.17% to 1,384.68. Turnover was 472.94 million shares valued at RM239.12mil. There were 313 gainers, 156 losers and 267 counters unchanged.

Bloomberg reported US futures and Asian stocks drifted lower as traders assessed the challenges economies face removing restrictions to contain the coronavirus pandemic. The dollar extended overnight gains.

Equities fell in Tokyo, Sydney and Seoul, while S&P 500 contracts slipped after the index closed flat.

At Bursa, in last week’s trade shorten week, foreign funds were net sellers at RM774.1mil but the selling was absorbed by local institutions and retail investors at RM467.7mil and RM306.4mil.

Top Glove surged 88 sen to RM8.19, Kossan 39 sen to RM6.24, Hartalega 21 sen to RM7.58 while Supermax gained 20 sen to RM3.18. Careplus gained five sen to 64 sen.

Refiners Hengyuan added 22 sen to RM4.17 and Petron 17 sen to RM4.85.

Nestle fell the most, down 70 sen to RM137.50, Heineken and BAT 10 sen each to RM23.90 and RM13.16.

Petronas Dagangan lost 60 sen to RM19.90, MISC nine sen to RM7.81 and Dialog seven sen to RM3.21

KL Kepong was down 14 sen to RM20.46 and Tenaga 12 sen to RM12.22.

Reuters reported the central Chinese city of Wuhan reported five new confirmed cases on Monday, casting doubts over efforts to lower coronavirus-related restrictions across the country as businesses restart and individuals went back to work.

A jump in coronavirus cases in South Korea and Germany weighed on Wall Street sentiment even amid signs more parts of the United States could soon emerge from lockdowns.

A second wave of infections would likely snuff out the recent rally in equity markets and lead investors to position for a severe and prolonged global recession.

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glove makers , Covid-19 , pandemic , KLCI

   

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