Glove makers lose ground but Public Bank helps KLCI pare losses

KUALA LUMPUR: Glove makers closed lower on Friday on profit taking but Public Bank helped the FBM KLCI pare its losses amid a cautious broader market.

At 5pm, the KLCI was down 1.06 points or 0.07% to 1,488.14. Turnover was 4.73 billion shares valued at RM2.38bil. Decliners beat advancers 590 to 330 while 441 counters were unchanged.

Top Glove fell 60 sen to RM14.90 and wiped out 2.48 points from the KLCI, Supermax 26 sen to RM6.85, Kossan 19 sen to RM7.95 while Hartalega and Comfort Gloves lost 16 sen each to RM11.94 and RM7.95.

Aeon Credit ended 32 sen lower at RM9.36 on analysts concerns it was set to see slower growth with management of asset quality and collection rates a stronger concern than before.

Small-cap tech stocks came under some selling pressure as investors took money off the table after the strong performance.

Supercomnet Technologies lost 32 sen to RM1.11 and its warrants 22.5 sen to 67 sen. AppAsia skidded 12 sen to 28.5 sen with 106.9 million shares done.

As for oil and gas stocks, Petronas Dagangan lost 20 sen to RM21, Petronas Gas was flat at RM16.98 while Petronas Chemicals gained two sen to RM6.35.

Nestle fell 30 sen to RM138.70 but Ajinomoto surged 82 sen to RM15.82 and Carlsberg 48 sen to RM25.48.

As for banks, Public Bank rose 18 sen to RM16.56 and added 1.07 points to the KLCI, Maybank and CIMB edged up one sen each to RM7.62 and RM3.58 while Hong Leong Bank was flat at RM14.20.

Among the telcos, Axiata climbed seven sen to RM3.48, Maxis four sen to RM5.34 and Digi three sen to RM4.21.

Tenaga Nasional lost 10 sen to RM11.48 and wiped out 0.87 point.

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