Glove makers drag KLCI deeper into the red

KUALA LUMPUR: Glove makers dragged the FBM KLCI deeper into the red in early Thursday trading despite the recent super-normal profits as over the longer term, investors expect average selling prices will decline as production picks up pace.

At 9.20am, the FBM KLCI was down 5.52 points or 0.35% to 1,570.15. Turnover was 766.22 million shares valued at RM535.62mil. There were 230 gainers, 385 losers and 337 counters unchanged.

Bloomberg reported Asia stocks rose in early trade Thursday after technology shares weighed on US markets, offsetting optimism over solid corporate earnings and economic reports. Bonds pared overnight gains.

Shares opened higher in Australia and Japan, where trading resumes after holidays.

Weighing on local investors' sentiment is the rising Covid-19 cases. The government imposed a movement control order in most parts of Selangor on Thursday while the whole of Kuala Lumpur will undergo similar curbs tomorrow but economic activities will be allowed to continue.

At Bursa on Wednesday, foreign funds remained net sellers at RM155.4mil but local funds were net buyers at RM89.6mil and local retail investors RM65.7mil.

Two key data will be released on Thursday. Bank Negara’s Monetary Policy Committee is expected to retain the Overnight Policy Rate at 1.75%.

At midday, the Statistics Department will release the March industrial production index. A Bloomberg survey expects an 8.7% increase.

Supermax fell 44 sen to RM5.13, Hartalega 27 sen to RM9.56, Top Glove 18 sen to RM5.14, Careplus 16 sen to RM2.30 and Adventa 16 sen also to RM1.79 while Comfort Glove lost 11 sen to RM2.34.

CMSB fell 19 sen to RM1.84 after the board of directors suspended its group chief financial officer Syed Hizam Alsagoff for 30 days with immediate effect.

This is to facilitate investigations into allegations of possible financial mismanagement in relation to the company’s investments and operations.

Among the gainers were Atlan, up 19 sen to RM3.07 while KL Kepong rebounded 16 sen to RM21.76 and Dataprep gained 14 sen to RM2.09.

Prestar added seven sen to RM1.32 after posting a strong set of financial results.

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


Next In Business News

NPC Resources faces suspension on June 23
Electronics industry urges for more on-site vaccination centres
GLCs: National recovery plan step in right direction
Pharmaniaga embarks on plan to supply Sinovac to state govt, private sector
Yinson invests in EV battery start-up Oyika
AmInvest launches Sukuk fund AmIncome Sofwah
MSM’s Prai plant resumes operations
China stocks fall as Sino-West tensions hit risk appetite
Market still cautious despite recovery plan
India keeps base import price of palm oil, soyoil unchanged

Stories You'll Enjoy