Glove stocks weigh on KLCI, tech stocks climb

KUALA LUMPUR: Glove makers weighed on Bursa Malaysia on Thursday as investors took profit after the rebound and piled into semiconductor and tech-related counters.

At 5pm, the FBM KLCI was down 0.98 point or 0.06% to 1,635.71. Turnover was 6.49 billion shares valued at RM4.86bil. There were 584 gainers, 583 losers and 430 counters unchanged.

In a recent report, AmInvestment Research said while demand for gloves will likely remain stable post-Covid-19, the average selling prices (ASPs) of the product are expected to ease in the second half of 2021.

Hartalega fell 70 sen to RM12.30, Supermax 47 sen to RM6.64 and Top Glove 26 sen to RM6.37 and their declines weighed on the 30-stock KLCI.

Also closing lower were Kossan, down 22 sen to RM4.26, Comfort Gloves 21 sen to RM3.17 and Rubberex 13 sen to RM1.68.

Consumer stocks also took a step back as F&N fell 78 sen to RM31.70 and it was the top loser, Nestle fell 70 sen to RM138.20 and Dutch Lady 22 sen to RM35.28.

PNE PCB fell 13 sen to 50 sen and it was the most active counter with 262 million shares done after the rally was seen as overdone.

On Jan 7, it announced its unit PNE Glove Sdn Bhd intends to set up five gloves production lines with each yielding approximately 300 million pieces per year, sending its share price higher.

Other counters which closed in the red were KL Kepong, down 36 sen to RM24.30, Raid Synergy 30 sen to RM6.90 and Hengyuan 15 sen to RM5.57.

However, chip makers and tech-related stocks ended higher with KESM rallying RM1.34 to RM16.94, UWC 80 sen to RM10.68, Greatec 48 sen to RM5.66, Unisem 41 sen to RM7.08, MI 36 sen to RM4.52 and MPI 30 sen tp RM27.98.

Among the banks, Public Bank ended 30 sen higher at RM21.70 as its four-for-one bonus shares go ex on Jan 26.

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KLCI , Bursa Malaysia , PNE PCB , glove makers


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