Glove makers power KLCI higher

KUALA LUMPUR: Glove makers powered the FBM KLCI higher in early Monday trade as investors chased up the stocks, especially after the strong performance of Top Glove.

At 10am, the FBM KLCI was up 10.59 points or 0.67% to 1, 587.75. Turnover was 1.72 billion shares valued at RM841.07mil. There were 384 gainers, 283 losers and 401 counters unchanged.

Top Glove rose 25 sen to RM4.97, Hartalega 22 sen to RM8.52, Supermax 19 sen to RM3.90 and Adventa 13c to RM1.58.

Top Glove Corp shares jumped in early Monday, tracking the surge of its American Depositary Receipt (ADR) -- which are traded on the OTC exchange in the US -- last week.

Chip makers MPI climbed 58 sen to RM39.68 and Unisem 11 sen to RM7.41.

Can-One continued to see strong buying interest, climbing 14 sen to RM3.45 – way above the take-over offer price of RM2.50.

However, Serba Dinamik fell 4.5 sen to 56.5 sen to with 81.73 million shares done.

Bloomberg reported Asian stocks were mixed Monday in holiday-thinned trading as investors prepared for a key Federal Reserve meeting later in the week.

Shares saw modest gains in Japan and slipped in South Korea. Trading volumes are expected to be light with a number of holidays in the region including in Australia, China and Hong Kong.

Ten-year Treasury yields inched up to around 1.46% after hitting three-month lows on Thursday and notching their biggest weekly slide since December last week.

The dollar was steady against Group-of-10 peers during early Asia trading in the wake of a Group-of-Seven leadership meeting that emphasised unity.

Bloomberg reported oil traded near $71 a barrel after a three-week advance as the steady roll-out of coronavirus vaccines underpins an improved summer demand outlook in the U.S. and Europe.

West Texas Intermediate was little changed in early Asian trading after adding 1.9% last week to hit the highest level since October 2018. Brent was steady. In the U.S., the number of daily air travelers has topped 2 million for the first time since the pandemic began.

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