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Glove stocks back in spotlight as Delta grows
2021-07-21 00:00:00.0     星报-商业     原网页

       KUALA LUMPUR: The FBM KLCI ended the early session a fraction of a point higher as equities struggled to gain traction, although glove counters trended higher.

       At 12.30pm, the key index was up 0.13 points to 1,520.1.

       Despite the positive performance on Wall Street overnight as stocks rebounded from Monday's rout, Bursa Malaysia is expected to continue to see selling pressure from the high number of local Covid-19 infections.

       "We expect some initial selling activities on the local bourse before recovering for the session, but upside is likely to be capped amid the high number of daily Covid-19 cases, which may be a concern that could dampen the pace of the economic recovery," said Malacca Securities Research in a note.

       It added, however, that the recovery in the Nasdaq could lead technology stocks higher over the week as well as follow-through buying interest emerging in sectors such as consumer, construction and property as the EMCO was lifted in several localities.

       Notable among the gainers was glove counters, which has returned to prominence amid the spread of the Delta variant of the Covid virus.

       Top Glove jumped 18 sen to RM4.11 while Hartalega climbed 27 sen to RM7.85.

       Among the smaller market caps in the sector, Supermax was up 36 sen to RM3.75, Careplus added 20 sen to RM2.17, Kossan gained 17 sen to RM3.48 and Comfort Gloves rose 17 sen to RM2.12.

       There were also advances in Petronas Chemicals up nine sen to RM8.09, Hong Leong Bank rising eight sen to RM18.32 and Press Metal gaining two sen to RM4.82.

       Of actives, Pasukhas rose 0.5 sen to 11 sen , Kanger was unchanged at 7.5 sen and Systech gained 3.5 sen to 34 sen.

       In Asian markets, equities bounced back after a rout earlier in the week.

       Japan's Nikkei gained 0.6% while South Korea's Kospi shed 0.35%.

       China's main index added 0.6% although Hong Kong's Hang Seng slid 0.4% on a tech slump.

       Australia's ASX200 climbed 1.1%.


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关键词: glove counters     gained     equities     Monday's rout     local Covid    
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