Top Glove surge propels KLCI 20pt up


  • Markets
  • Friday, 11 Sep 2020

Top Glove rose RM1.31 to RM7.76 and powered the KLCI up 20.74 points while Hartalega's 56 sen increase to RM12.44 gave the index a 3.73 point lift.

KUALA LUMPUR: Top Glove and Hartalega provided the boost to the FBM KLCI on Friday and propelled it above the crucial 1,500 level.

At 5pm, the KLCI was up 14.34 points or 0.96% to 1,504.46. Turnover was 7.65 billion shares valued at RM6.49bil. There were 729 gainers, 348 losers and 396 counters unchanged.

Top Glove rose RM1.31 to RM7.76 and powered the KLCI up 20.74 points while Hartalega's 56 sen increase to RM12.44 gave the index a 3.73 point lift.

However, of the 30-stocks in the KLCI, six others ended flat and the rest were in the red.

Whether these two glove makers can hold on to their bounce remains to be seen due to the volatility in their share prices and wide differences in the target prices and opinions of analysts covering them.

KAF has a buy on Top Glove and target price of RM9.35, PublicInvest Research a trading buy and TP of RM8.90 while Macquarie has an underperform and TP of RM5.40, HSBC a hold and TP RM8.33.

As for Hartalega, KAF has a buy, TP RM24.24, Macquarie neutral, TP RM19.70, UOB Kay Hian hold, TP RM19.50 and Affing Hwang Investment buy, TP RM28.80.

Supermax was the top gainer, surging RM1.40 to RM7.50, Kossan 98 sen to RM10.68, Rubberex 98 sen also RM5.28, Hartalega 56 sen to RM12.44, Careplus 49 sen to RM2.51 and Adventa 47 sen to RM2.19.

Among the other counters, Petronas Chemicals fell eight sen to RM5.64 and erased 1.24 points, Petronas Dagangan was down 28 sen to RM20.50 and Petronas Gas uchanged RM16.54. Dialog was flat at RM3.65.

US light crude oil rose seven cents to US$37.37 but Brent shed three cents to US$40.03.

Crude palm oil for third month delivery fell RM6 to RM2,808 per tonne. KL Kepong fell 42 sen to RM22.48, PPB Group eight sen to RM18.62, IOI Corp three sen to RM4.45 while Sime Plantation was flat at RM5.06.

As for banks, Maybank fell eight sen to RM7.45, Public Bank 10 sen to RM16.08, RHB Bank seven sen to RM4.63, CIMB one sen to RM3.18 while Hong Leong Bank was flat at RM14.80.

Tenaga extended its decline, shedding eight sen to RM11.42, Sime Darby three sen to RM2.27, MISC four sen to RM7.55 while Genting and GentingM were down two sen each to RM3.48 and RM2.21.

Among the key Asian markets, Japan's Nikei 225 rose 0.74%, Hang Seng Index 0.78%, Shanghai Composite 0.79%, Taiwan's Taiex shed 0.12%, South Korea's Kospi flat while Sigapore's Straiots Times Index lost 0.1%.

The ringgit rose 0.28% against the US dollar to 4.1520.

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glove makers , Top Glove , Hartalega , KLCI

   

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