Glove makers stage mild rebound


Regulated short selling for glove stocks seemed to have abated but the broader market was still cautious.

KUALA LUMPUR: A rebound in glove makers helped shore up the FBM KLCI as the regulated short selling for these stocks seemed to have abated but the broader market was still cautious.

At 5pm, the KLCI was up 5.78 points or 0.36% to 1,608.35, off the intra-day low of 1,589.

Turnover was 6.25 billion shares valued at RM3.99bil. Decliners beat advancers 676 to 479 while 429 counters were unchanged.

The ringgit fell 0.2% against the US dollar to 4.0135 after breaking through the key 4.0 level the previous day.

Most key Asian markets closed higher except Japan's Nikkei 225 and Singapore's Straits Times Index which fell 0.37% and 0.16%.

China's blue-chip index extended gains to hit a five-and-half-year high on Tuesday, aided by jumps in consumer stocks, as investors hoped for more measures to spur the country's consumption amid the coronavirus outbreak.

The Shanghai Composite rose 0.73%, Hong Kong Hang Seng Index 0.64%, Taiwan's Taiex 0.66% and South Korea's Kospi 1.57%.

Top Glove rose 22 sen to RM5.72 and added 2.78 points, Hartalega 12 sen to RM10.60 and Supermax 35 sen higher at RM5.86.

Among the banks, Public Bank rose 10 sen to RM20.62, CIMB two sen to RM4.30 but RHB Bank shed two sen to RM5.48, Maybank four sen lower at RM8.31 and Hong Leong Bank 28 sen to RM18.10.

US light crude oil rose 12 cents to US$47.74 and Brent four sen higher at US$51.13. Petronas Gas fell 30 sen to RM16.90. Petronas Chemicals 11 sen to RM7.10 while Petronas Dagangan was unchanged at RM21.40. Dialog lost 12 sen to RM3.35.

IHH Healthcare rose 13 sen to RM5.65 and added 1.76 points to the KLCI. Tenaga gained eight sem to RM10.54, Sime Darby four sen to RM2.34 but Press Metal fell 16 sen to RM8.25 and MISC 14 sen to RM6.58. Genting rose two sen to RM4.50 but GentingM shed two sen to RM2.65.

Crude palm oil for third month delivery rose RM3 to RM3,727 per tonne. PPB Group ended 28 sen higher at RM18.80, Sime Plantation added five sen to RM5.04, IOI Corp four sen to RM4.47 while KL Kepong was flat at RM23.74.

Telcos were mixed. Axiata fell six sen to RM3.64, Telekom flat at RM5.42, DIgi added four sen to RM4.20 and Maxis climbed eight sen to RM5.15.

Spot gold rose US$1.44 to US$1,944.33 per troy ounce.

Euro Holdings rose 34 sen to RM3.76 and it had earlier prompted Bursa Malaysia Securities to query the company. It climbed from RM2.31 on Dec 29.

Kobay was the top gainer, up 71 sen to RM3.09, Toyo Ventures 50 sen to RM2.19, Cymao 39 sen to RM1.79 and Uli Corp 36 sen to RM1.57. KPower added 36 sen to RM7.72.

Among the chip makers, Greatec rose 30sen to RM9.70 but MPI fell 50 sen to RM25 and KESM 22 sen lower at RM13.48.

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