Top Glove, Hartalega drive FBM KLCI higher

  • Markets
  • Monday, 14 Sep 2020

KUALA LUMPUR: Bursa Malaysia ended broadly higher today, with buying support in glovemakers, in line with the firmer key Asian markets.

At closing, the benchmark FBM KLCI rose 6.51 points, or 0.43% to 1,511.36. The index opened 8.58 points higher at 1,513.43 this morning.

Market breadth turned positive as gainers overpowered the losers on a ratio of 806-to-329 stocks. Traded volumes stood at 9.57 billion shares worth RM6.46bil.

Glove counters were higher across the board. Top Glove rose 82 sen to RM8.58, while Hartalega added 56 sen to RM13. Both the counters pushed FBM KLCI up by 13.3375 points.

Supermax advanced RM1.50 to RM9, Comfort Gloves climbed 70 sen to RM4.37, Careplus rose 75 sen to RM3.26 and Rubberex adding 35 sen to RM5.63.

Tenaga Nasional Bhd, the top loser on Bursa Malaysia, shed 24 sen to RM11.18. IHH Healthcare fell 20 sen to RM5.30, Bursa Malaysia declined 19 sen to RM8.60 and Maybank skidded 17 sen to RM7.28.

Parkson, the most actively traded counter on Bursa Malaysia, jumped 100%, or 9.5 sen to 19 sen with 1.1 billion shares traded.

Earlier, Rakuten Trade Sdn Bhd head of research Kenny Yee said the FBM KLCI was set to close the year at the 1,580 level based on the calendar year 2020 (CY20) price-earnings (PE) multiple of 15 times.

He was quoted by Bernama as saying the FBM KLCI would be spurred by improving corporate earnings growth and should test the 1,670 level premised on CY21 PE ratio of 16.5 times.

World stocks rallied on Monday on hopes for a coronavirus vaccine after AstraZeneca resumed its phase-3 trial, but caution lingered before a host of central bank meetings this week, Reuters reported.

Elsewhere in the region, Asian shares closed higher with Japan’s Nikkei 225 closed 0.74% higher at 23,579.48.

South Korea’s Kospi index gained 1.3%, or 31.22 points to 2,427.91, the highest close since Aug 13.

Hong Kong’s Hang Seng index closed up 136.97 points to 24,640.28.

China’s Shanghai Composite index closed up 0.57% at 3,278.81 points, while the blue-chip CSI300 index ended up 0.51%.

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