Glove makers advance amid weaker broader market

KUALA LUMPUR: Glove makers made firm strides in early Monday trade as the Covid-19 infections continued to rise with Hartalega, which is expected to announce its results soon, was the top gainer.

At 9.22am, the KLCI had eked out a gain of 0.51 point or a mere 0.03% to 1,597.25. Turnover was 986.85 million shares valued at RM649.26mil. Decliners beat advancers more than three to one with 625 losers to 191 gainers and 293 counters unchanged.

Asian stocks saw a muted start to trading as investors evaluated the worsening pandemic and prospects for stimulus and looked ahead to this week’s Federal Reserve policy meeting. The dollar held Friday’s gains, Bloomberg reported.

Stocks fluctuated in Japan and edged up in South Korea and Australia. S&P 500 contracts ticked higher after the benchmark slipped Friday for the first day in four amid concern that a new coronavirus strain may be deadlier than earlier variants.

Meanwhile at Bursa last week, foreign funds were net sellers at RM288.1mil, local institutions at RM138mil but local retail investors remained net buyers at RM426.2mil.

Last Friday, foreign funds were net sellers at RM89.6mil but local retail investors were net buyers at RM71.2mil and local institutions at RM18.5mil.

Hartalega rose 56 sen to RM12.88, Supermax 48 sen to RM7.01, Top Glove 23 sen to RM6.48, Kossan 18 sen to RM4.37, Careplus 16 sen to RM2.63 and Rubberex 10 sen to RM1.84.

Semicon and tech related stocks took a breather with Vitrox down 48 sen to RM16.32, KESM down 48 sen also RM16.34, MPI 34 sen to RM30.18, UWC 28 sen to RM12.18.

Also in the red were BAT 30 sen to RM13.04, F&N 24 sen to RM31 and Press Metal 19 sen to RM8.50.

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