Bullish interest in telcos offsets retreat in glove stocks

KUALA LUMPUR: Trading interest in the local telco sector single-handedly drove the FBM KLCI higher in the morning session, despite profit-taking in other sectors.

Galvanised by discussions over a merger between Axiata's Celcom and Digi, investors have pushed up the share prices of these two counters in a buying frenzy.

Axiata rose 36 sen to RM4.16 and Digi surged 67 sen to RM4.42 in morning trade.

Meanwhile, a third telco, Maxis, was also also seen benefitting from investor interest in the sector, rising 10 sen to RM4.81.

At 12.30pm, the FBM KLCI was up 7.39 points to 1,609.79.

Glove stocks were seen retreating following yesterday's rally. Top Glove dropped 15 sen to RM5.25, Hartalega fell 24 sen to RM9.90 and Supermax dove 35 sen to RM4.52.

On the broader market, smaller sector rivals were also seen falling, led by Kossan down 18 sen to RM3.48, Comfort Gloves slipping 15 sen to RM2.21 and Rubberex losing 10 sen to RM1.22.

In Asian markets, equities were mixed lower a positive performance on Wall Street following comments by US Federal Reserve chairman that the economy still had room to grow.

Japan's Nikkei gained 0.5% but China's composite index slid 0.7% and South Korea's Kospi dropped 0.1%.

Hong Kong's Hang Seng shed 0.7% while Australia's ASX200 fell 0.2%.
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Bursa Malaysia , FBM KLCI , equities


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