Glove stocks climb as Covid-19 cases climb globally

KUALA LUMPUR: Glove stocks advanced on Monday as global Covid-19 coronavirus cases crossed 40 million and there were expectations of a resurgence at the onset of winter.

Also chalking up solid gains were tech and semiconductor related stocks. Pharmaceutical stocks Pharmaniaga and Duopharma, which will pack the vaccines once available globally, also rose but were off the early morning highs.

At 12.30pm, the FBM KLCI was up 9.36 points or 0.62% to 1,513.20. Turnover was 5.64 billion shares valued at RM2.95bil. Advancers beat decliners 621 to 374 while 420 counters were unchanged.

Asian market rose, tracking Wall Street futures, on hopes of a new US coronavirus relief deal before the Nov. 3 presidential election, Reuters reported.

As for the Covid-19 infections, a Reuters tally showed the numbers rose past 40 million, as the onset of winter in the northern hemisphere fuelled a resurgence in the spread of the disease.

Record one-day increases in new infections were seen at the end of last week, with global coronavirus cases rising above 400,000 for the first time, it reported.

Malaysia has also recorded sharp increases in Covid-19 cases under the third wave which saw the government imposed conditional MCO in Selnagor, Kuala Lumpur and Putrajaya. Also under the CMCO was Sabah due to the surge in infections.

Hartalega rose 40 sen to RMRM18.78, Rubberex 32 sen to RM2.89 and Top Glove 31 sen to RM9.56.

Scientex, which is involved in property and stretch film packaging materials, rose the most, up 66 sen to RM12.46 after the recent upgrades by analysts.

MPI was the top gainer among tech and semicon players, up 64 sen to EM20.28, Greatec 30 sen to RM7.77, Vitrox 28 sen to RM13.48 and Unisem 25 sen to RM4.17.

VS Industry fell 10 sen to RM2.42 and ES Ceramics four sen to 80.5 sen in active trade on profit taking.

Pharmaniaga was up 15 sen to RM5.54, off the early high of RM5.68. Duopharma added 12 sen to RM4.06, off the record high of RM4.20.

Yinson fell to a low of RM4.65 after Petrobras decided to postpone the Parque Das Baleias project. It was down 68 sen to RM4.75.

Maybank Research downgraded Yinson to Hold and cut the target price to RM5.45. The previous target price was RM7.20.

Other decliners were Sarawak Oil Palm, Petronas Dagangan, Berjaya Auto, HL Industries and Euro Holdings.

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