Glove makers lift Bursa Malaysia at opening

KUALA LUMPUR, Sept 14 — Glove makers, mainly Top Glove, continued to power Bursa Malaysia to open the week on a positive note.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.25 points, or 0.35 per cent, to 1,510.10 compared to Friday's close of 1,504.85.

The key index opened 8.58 points higher at 1,513.43 and continued to hover above the 1,500 psychological mark.

Total volume stood at 603.73 million shares worth RM574.34 million.

Malacca Securities, in a a note today, said the FBM KLCI will be largely dictated by the movement in glove-maker heavyweights.

In addition, gains across overseas markets may provide some stability over the near term.

“But we do not discount further volatility ahead due to a barrage lingering uncertainties.

“At the same time, the positive sentiment transpired to gains across the lower liners as investors bargain hunt on the recent sell-down.”

US stock markets was largely upbeat as the Dow rose 0.5 per cent to 27,665.64 on Friday as gains were underpinned by the stronger-than-expected consumer price index data that rose 1.3 per cent in August 2020.

Meanwhile, regional stock markets were mostly higher on Friday.

Of the heavyweights, Top Glove jumped nine per cent, or 68 sen, to RM8.44, Hartalega was 26 sen higher at RM12.70, Sime Darby added seven sen to RM2.34, and Nestle edged up RM1.70 at RM140.20.

In contrast, TNB dropped 18 sen to RM11.24, Maybank declined eight sen to RM7.37, IHH depreciated 10 sen to RM5.40, and PetChem went down six sen to RM5.58.

Among top gainers, Supermax inched up 63 sen to RM8.13, while Kossan was 38 sen better at RM11.06.

Of the actives, Kanger increased 1.5 sen to 27.5 sen, Hiap Teck appreciated 2.5 sen to 20.5 sen and XOX perked half a sen to 20.5 sen.

On the index board, the FBM Emas Index expanded 58.69 points to 10,810.17 and the FBM Emas Shariah Index strengthened 118.94 points to 12,761.48.

The FBM 70 jumped 144.16 points to 13,816.55, the FBMT 100 Index was 55.32 points firmer at 10,628.86 and the FBM ACE surged 164.47 points to 10,640.34.

Sector-wise, the Financial Services Index lost 48.63 points to 12,616.82, the Plantation Index improved 13.19 points to 7,021.07, while the Industrial Products and Services Index went down 0.28 of-a-point to 135.06. — Bernama