Glove counters return to the red, bank stocks stay bullish

KUALA LUMPUR: The FBM KLCI retreated on Thursday as the rally in glove stocks gave way to profit taking, and ahead of Bank Negara's decision on the monetary policy later in the afternoon.

At 12.30pm, the key index was down 8.32 points to 1,580.13 as glove stocks shed the gains it made in the previous session.

Top Glove fell 16 sen to RM4.93, Hartalega dropped 18 sen to RM9.67 and Supermax slid 33 sen to RM4.33.

The glove sector has remained under pressure in recent days given the falling number of new coronavirus cases in Malaysia and elsewhere, which have sent investors in search of recovery-themed stocks.

"We believe the lower liners will continue to remain upbeat if the positive market sentiment persists," said Malacca Securities Research.

Bank stocks helped to offset some of the losses on the FBM KLCI as analysts expect the central bank to keep the overnight policy rate unchanged on the back of a recoverying economy.

Maybank rose nine sen to RM8.23, Public Bank rose two sen to RM4.24, Hong Leong Bank gained 10 sen to RM18.12 and CIMB added three sen to RM4.32.

Meanwhile, top active on Bursa were XOX down one sen to seven sen, Dagang Nexchange up 3.5 sen to 65 sen and Green Ocean flat at six sen.

In other markets, the surge in US Treasury yields continued to plague investors worried about a tighter lending policy.

Japan's Nikkei fell 2.7% and South Korea's Kospi slid 1.7%. In China, the composite index dropped 1.6% while Hong Kong's Hang Seng shed 2.5%. Australia's ASX200 was down 1.3%.
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Bursa Malaysia , FBM KLCI , equities


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