KUALA LUMPUR: Shares of rubber glove companies dominated the list of top gainers on Bursa Malaysia at midday, with Hartalega Holdings Bhd
hitting its limit up.
At 12.30pm, the 30-stock index was up 11.58 points, or 0.7% to 1,663.73. The index earlier hit an intra-morning high of 1,664.99.
There were 483 gainers, 435 losers and 404 counters traded unchanged on the Bursa Malaysia. Turnover stood at 1.94 billion shares valued at RM1.7bil.
Last Friday, the United States Trade Representative (USTR) announced plans to increase the tariff on Chinese medical and surgical gloves from the current 7.5% to 50% starting in January next year, with a further increase to 100% by January 2026.
Hartalega, the top gainer on Bursa Malaysia, jumped 72 sen, or 29.75% to RM3.14 with 51.34 million shares traded.
Kossan added 36 sen to RM2.19, Top Glove rose 22.5 sen to RM1.14, Careplus gained five sen to 31 sen and Supermax climbed 13 sen to 92 sen.
Dutch Lady rose 52 sen to RM30.94, IHH Healthcare gained 31 sen to RM7.09 and HeiTech Padu climbed 28 sen to RM2.58.
Among the decliners, Malaysian Pacific Industries tumbled RM1.18 to RM26.92, United Plantations fell 58 sen to RM26.84, APB lost 30 sen to 71 sen and Harrisons declined 29 sen to RM8.17.
Rakuten Trade stated that, in light of the Federal Reserve's rate cut this week, more foreign funds are likely to flow into the region.
As a result, the research house expects the index to hover within the 1,650-1,660 range for the day.
Malacca Securities noted that traders will be focusing on U.S. retail sales this week, while buying momentum may continue on the local front.
In the commodities market, Brent oil extended its recovery due to potential production cuts in the Gulf of Mexico, while gold surged to a record high above US$2,580 as the market anticipates the rate cut this week. On the other hand, crude palm oil closed lower, nearing RM3,800.
