Glove stocks skid again, Bursa sees 1,000 stocks in the red

  • Markets
  • Thursday, 10 Sep 2020

KUALA LUMPUR: The sharp fall in glove makers, until recently the darlings of the stock market, cast a pall of gloom over the broader market as over 1,000 counters were in the red at the close on Thursday.

At 5pm, the FBM KLCI was down 6.6 points or 0.44% to 1,490.12, but off the intra-day low of around 1,475.

Turnover was 8.40 billion shares valued at RM5.48bil. Decliners hammered advancers five to obe or 1,023 losers to 200 gainers and 293 counters unchanged.

Remisiers said with the Sept 30 moratorium approaching, businesses and retail investors had to repay their loans and hence, they were reducing their stakes.

“Other issues were excessive valuations of these stocks. There was also too much shares in the market following the bonus issue by Top Glove and Supermax etc, ” a dealer said.

However, he said that his clients did not have any issue with margins but he did advise them to take profit earlier. “It seems their earlier gains could have evaporated over the past few days of losses, ” he quipped.

Supermax fell RM1.38 to RM6.10 with 111.35 million shares done, Kossan lost RM1.26 to RM9.70, Hartalega RM1.12 to RM11.88 and Top Glove 70 sen to RM6.45.

Comfort Gloves was down 57 sen to RM3.23 and Careplus 54 sen to RM2.02 while Rubberex 40 sen to RM4.30.

Also in the red was Pharmaniaga, down 55 sen to RM4.01 and Duopharma 22 sen to RM2.75. IHH gained 15 sen to RM5.50.

Tech stocks also fell with Vitrox, shedding 50 sen to RM11.80 and UWC 46 sen to RM5.55.

However, plantations seemed to have fared better with KL Kepong up 58 sen to RM22.90 and PPB Group 22 sen to RM18.70.

Time dotCom gained 32 sen to RM11.72, Tenaga 32 sen also to RM11.50 while Petronas Chemicals gained 12 sen to RM5.72.

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