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.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Bursa Malaysia , FBM KLCI , equities


Next In Business News

RHB upgrades Yinson to 'buy' after factoring Petrobras contract win
SIRIM to accelerate ABMS uptake in Malaysia
Japan manufacturers remain optimistic in June
GM looking at longer-term supply contracts and partnerships for chips
Oil price settles near US$75, at multi-year highs
GLOBAL MARKETS-Stocks slide, yields jump as Fed projects earlier rate hikes
US Fed signals higher rates in 2023
Certainty on the cards
UK inflation surges to 2.1%, unexpectedly passing BoE goal
Roadmap a step in the right direction

Stories You'll Enjoy