Gloves regain their bounce, banks slip

KUALA LUMPUR: Glove makers regained their footing early Friday after the recent bout of profit taking while Maybank and Public Bank weighed on the FBM KLCI.

At 9.41am, the KLCI was down 0.74 points or 0.05% to 1,634.97. Turnover was 1.19 billion shares valued at RM733.92mil. There were 359 gainers, 329 losers and 372 counters unchanged.

Asian shares rose on Friday, brushing off a late Wall Street dip as expectations of large US stimulus under President-elect Joe Biden shored up sentiment while oil prices perked up on upbeat Chinese trade figures, Reuters reported.

However, the proposed US$1.9 trillion coronavirus relief stimulus package may prove a double-edged sword for investors, sustaining optimism for further economic revival while raising worries over how the United States will pay for it all.

At Bursa on Thursday, foreign funds were net buyers at RM5.3m and local retail investors at RM6.9mil but local institutions were net sellers at RM12.3mil.

Public Bank fell 14 sen to RM21.56 and Maybank 10 sen to RM8.25.

BAT fell 14 sen to RM13.26 and Heineken eight sen to RM22.98.

CN Asia again slipped eight sen to RM1.70 over its recent proposed venture into digital banking for women which would entail an investment of RM400mil.

Press Metal and Scientex shed seven sen each to RM8.69 and RM4.20.

Supermax rose 23 sen to RM6.87, Hartalega 22 sen to RM12.52, Careplus 15 sen to RM2.68, Comfort 14 sen to RM3.31 and Rubberex 13 sen to RM1.81.

KESM was the top gainer, up 60 sen to RM17.54 and Greatec 13 sen to RM5.79.

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