Glove makers take a breather as KLCI slips

  • Markets
  • Wednesday, 10 Jun 2020

KUALA LUMPUR: Shares of glove makers, which had surged to stratospheric heights in recent months due to the Covid-19 pandemic, slipped in early Wednesday trade on some profit taking again.

At 9.15am, the FBM KLCI had slipped 2.65 points or 0.17% to 1,572.51. Turnover was 683.75 million shares valued at RM392.69mil. There were 287 gainers, 207 losers and 360 counters unchanged.

Asian equities slipped after most US stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day at a record high as oil prices rose, Reuters reported.

Investors adopted a more cautious stance as attention turned to the US Federal Reserve, which wraps up its two-day meeting later on Wednesday.

Australian S&P/ASX 200 fell 0.4%, Japan's Nikkei 225 index lost 0.8% and South Korea's KOSPI slipped 0.3%.

The dollar nursed losses against most currencies amid some speculation the Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting, Reuters said.

Meanwhile at Bursa on Tuesday, local retail investors led the way with net buying at RM168.8mil and local institutions at RM81.8mil but foreign funds extended their selling to net RM250.6mil.

Supermax fell 29 sen to RM8.36, Kossan 23 sen to RM8.90, Top Glove 20 sen to RM16.80 while Comfort Gloves lost 19 sen to RM3.21 and Rubberex 16 sen to RM3.29.

Nestle was the top loser, down RM1.80 to RM138.20 with just 300 shares done and Carlsberg 12 sen to RM24.98. However, Heineken gained 18 sen to RM22.

Allianz lost 22 sen to RM15 but MISC gained 15 sen to RM8.40, SAM Engineering 13 sen to RM6.23, ACO Group jumped 12 sen to 66 sen in active trade.

AirAsia Group fell three sen to RM1.02 and AAX 0.5 sen to 12 sen in active trade after the strong performance on Tuesday.

Lion Industries rose 6.5 sen to 34.5 sen as investors were positive about its corporate exercise

Lion Industries and Amsteel Mills Sdn Bhd are selling their stake in Antara Steel Mills Sdn Bhd’s hot-briquetted iron plant and business in Labuan to Singapore’s Esteel Enterprise Pte Ltd for US$128mil (RM546.56mil).

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glove makers , Lion Industries , AirAsia


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