KUALA LUMPUR: Gains from index-linked glovemakers propelled Bursa Malaysia to close higher alongside with the positive sentiment across the regional market on Wednesday.
The benchmark FBM KLCI closed 13.46 points, or 0.9% to 1,514. The index opened 2.96 points higher at 1,503.93 this morning.
Market breadth is positive as winner thumped losers on a ratio of 660-to-313 counters. Trading volume stood at 7.33 billion value at RM3.6bil.
Dealers said the positive sentiment was also underpinned by the strong the IHS Markit Malaysia Manufacturing Purchasing Managers’ Index (PMI) data.
The headline IHS Markit Malaysia Manufacturing PMI rose sharply to 51.0 in June 2020 from 45.6 in May 2020, its highest since September 2018.
IHS Markit said this indicated an improvement in the health of Malaysia's goods-producing sector and stronger economic growth more generally.
In today’s session, 15 counters of the component stocks rose while 12 counters fell.
Hartalega contributed the most to the index gain and had the largest move today, rising 13.69%, or RM1.78 to RM14.78, its all time high. The counter contributed 11.566 points to the index.
Top Glove rose RM1.04 to RM17.14, its record high, pushing the index up by 5.375 points.
Supermax added 46 sen to RM8.49 and Kossan rose 41 sen to RM8.92.
Among the banks, CIMB rose five sen to RM3.61, Hong Leong Bank added 12 sen to RM14.20, Maybank gained one sen to RM7.52 and Public Bank advanced two sen to 15.52.
Meanwhile, the ringgit is quoted at 4.2863 against the US dollar.
The regional stocks posted broad gains on Wednesday. Performance-wise, Japan’s Nikkei fell 0.75%, Hong Kong’s Hang Seng gained 0.52%, China’s Shanghai Composite Index rose 1.38%, Singapore’s Straits Times Index added 0.78% and South Korea’s Kospi advanced 0.08%.
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