Top Glove drags on market amid news of US Customs seizure


KUALA LUMPUR: Malaysia's removal from the FTSE Russell Watch List failed to rally investor sentiment on the market amid profit-taking while news of the US Customs' finding of forced labour against Top Glove Corp Bhd dragged on the glove heavyweight.

FTSE Russell had taken Malaysia off its watchlist for potential reclassification of its market accessibility level, while keeping the country's membership in the FTSE World Government Bond Index.

However, beset by profit-taking following yesterday's late-hour surge, the market was seen retreating amid ongoing investor caution.

Top Glove was the leading laggard, sliding 18 sen to RM4.87 on news that its products were being seized by the US Customs and Border Protection following a finding that there were elements of forced labour in its production of disposable gloves.

At 9.08am, the FBM KLCI was down 8.15 points to 1,603.13, after a late-hour surge yesterday that ignited hopes of a renewed rally.

Bank stocks drifted higher with Maybank up five sen to RM8.43 and Public Bank adding one sen to RM4.24, while Hong Leong Bank and CIMB were unchanged.

Telcos were seen falling with Axiata down 11 sne to RM3.74, Maxis down one sen to RM4.64 and Digi sliding four sen to RM3.73.

Of actives, Widad dropped three sen to 62.5 sen and Berjaya Corp rose 2.5 sen to 36 sen.

Meanwhile, Flexidynamic, which made its debut on the ACE Market of Bursa Malaysia today, surged 38.5 sen to 58.5 sen as the third highest traded counter.
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Bursa Malaysia , FBM KLCI , equities

   

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