Hartalega, Top Glove power KLCI higher

KUALA LUMPUR: Glove manufacturers led the FBM KLCI higher on Monday as investors continued to chase the stocks amid rising Covid-19 cases.

The benchmark index jumped 14.27 points, or 0.95% to 1,518.11. It moved between a high of 1,521.91 and a low of 1,505.92 throughout the day. The index opened 3.37 points higher at 1,507.21 this morning.

Market breadth was positive as gainers overpowered the losers on a ratio of 723-to-387 stocks. Traded volumes stood at 9.5 billion shares worth RM5.43bil.

Among the 30 FBM KLCI constituents, 21 stocks were higher, with three stocks traded flat and six stocks lower.

Last week, foreign funds stepped up their selling on Bursa with net disposal of Malaysian equities at RM237.09mil against RM28.38mil outflow in the preceding week. Year-to-date, foreign net selling has reached RM22.59bil worth of equities on Bursa.

Top Glove and Hartalega contributed the most to the index gain today. Top glove rose 35 sen to RM9.60, lifting the index 4.4742 points higher. Hartalega added 62 sen to RM19, pushing the index higher by 3.3158 points.

MISC was the biggest drag on the index, nudging the index lower by 0.4875 points. The counter shed seven sen to RM6.53.

Other glove counters were also on the uptrend. Comfort gained43 sen to close at RM5.08, Rubberex added 38 sen to RM2.95 and Supermax rose 20 sen to RM10.70.

Yinson, the top loser on Bursa Malaysia, saw RM650mil wiped from its market capitalisation. The offshore oil and gas services provider fell the most in more than seven months. The counter closed 61 sen, or 11.2% lower to RM4.82, giving it a market capitalisation of RM5.13bil.

Asia stock markets, meanwhile, finished mostly higher today. The MSCI's Asia ex-Japan stock index was firmer by 0.22%

South Korea’s Kospi was up 5.21 points, or 0.22%, at 2,346.74 while Japan’s Nikkei rose 1.11% to close at 23,671.13.

Hong Kong’s Hang Seng index was up 155.47 points or 0.64% at 24,542.26.

Reuters reported that China stocks reversed earlier gains to close lower on Monday, weighed down by industrial and healthcare firms, after the country reported a weaker-than-forecast GDP growth for the third quarter.

The blue-chip CSI300 index fell 0.8%, to 4,755.49, while the Shanghai Composite Index lost 0.7% to 3,312.67.

China's GDP grew 4.9% in July-September from a year earlier, official data showed, slower than the median 5.2% forecast by analysts in a Reuters poll and following 3.2% growth in the second quarter.

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Bursa Malaysia , KLCI , Hartalega , Top Glove , Yinson


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