Profit taking in Top Glove, Hartalega sinks KLCI


Top Glove fell 60 sen to RM8.88 and wiped out 7.5 points while Hartalega, which lost RM1.20 to RM17.84, erased 6.28 points.

KUALA LUMPUR: Profit taking of glove makers accelerated in the afternoon session especially for Top Glove and Hartalega and sent the key FBM KLCI below the crucial 1,500 level.

At 5pm, the KLCI was down 18.57 points or 1.23% to 1,492 and it was the worst performer among key Asian markets.

Turnover on Bursa was 8.47 billion shares valued at RM5.94bil. Decliners beat advancers 758 to 375 while 393 counters were unchanged.

Profit taking of glove makers is seen as healthy due to the several months in their price surge. Buying is expected to pick up later as earnings of glove makers are seen to be sustainable due to the demand.

MIDF Research was also the latest research house to point out the weightage of glove counters in the KLCI may possibly increase to 30% to 40% from 15% currently if Supermax Corp and Kossan Rubber Industries are added to the 30-stock index.

In Wednesday’s trade, Top Glove fell 60 sen to RM8.88 and wiped out 7.5 points while Hartalega, which lost RM1.20 to RM17.84, erased 6.28 points.

Supermax fell 86 sen to RM9.50, Kossan 81 sen to RM7.32 and Comfort 41 sen to RM4.47.

Mah Sing fell five sen to RM1.13 with 208 million shares done, snapping its recent rally from last Friday when it announced its foray into glove manufacturing and healthcare.

Among the banks, Maybank fell three sen to RM7.15, Public Bank four sen to RM15.76, and CIMB Bank one sen to RM3.03 but Hong Leong Bank gained two sen to RM15.

Tenaga was flat at RM10.02, IHH added one sen to RM4.96 while MISC shed four sen to RM6.40. GentingM was flat at RM2 and Geting RM3. Sime Darby gained seven sen to RM2.45.

As for plantations, Sime Plantation lost seven sen to RM4.91, PPB Group four sen to RM18.78 and KL Kepong 12 sen to RM21.58.. IOI Corp edged up one sen to RM4.29.

Among Petronas-linked stocks, Petronas Chemicals shed five sen to RM5.84, Petronas Dagangan two sen lower at RM17.88 while Petronas Gas was flat RM16.08. Dialog surrended five sen to RM3.72.

As for tech and semicon stocks, MPI was the worst performer, down 62 sen to RM20.08 after the strong run-up. KPower rose 18 sen to RM3.48 and JFTech added 13 sen to RM4.29.

Pos Malaysia was up 10 sen to 91.5 sen with 98.7 million shares on a technical buy following bullish buying momentum.

On the external front, Japan's Nikkei 225 rose 0.31%, Hong Kong's Hang Seng Index added 0.75% but the Shanghai Composite slipped 0.09% and Singapore's Straits Times Index was 0.12% lower.

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