Glove sector rally continues

KUALA LUMPUR: The FBM KLCI showed signs of mild profit-taking in early morning trade although market momentum is expected to continue on the renewed interest in glove counters.

At 9.03am, the key index was down 0.23 points to 1,623.24, holding on to the previous day's closing price after three days of consecutive gains.

According to Malacca Securities Research, the upward momentum in glove stocks may wane once the Covid-19 cases begin to subside with the ongoing vaccination programme.

It added that market sentiment may remain cautious ahead of any potential lockdown announcement in the near future.

"The FBM KLCI closed above the EMA20 for the second session, crossing the resistance of 1,615," it said.

"Should the key index manage to stay above 1,615, the next resistance is pegged at 1,635 while the support is located at 1,600-1,615."

Among the leading blue chips, Top Glove jumped 12 sen to RM6.02, Hartalega rose 12 sen to RM11.30 and Supermax added 16 sen to RM6.44.

Bank stocks subsided led by Maybank down five sen to RM8.31, Public Bank falling two sen to RM4.17, CIMB down four sen to RM4.13 and Hong Leong Bank sliding 10 sen to RM18.

Other laggards included Press Metal dropping five sne to RM5.33, Digi down four sen to RM4.31 and MISC shedding four sen to RM6.79.

On the broader markets, top actives were Focus up 1.5 sen to 16 sen, KTG gaining 0.5 sen to 26 sen and Kanger rising one sen to eight sen.
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Bursa Malaysia , FBM KLCI , equities


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