Bursa Malaysia ends morning session higher as interest in glove stocks persists

KUALA LUMPUR, July 27 — Bursa Malaysia shrugged off concerns over the rising tensions between the United States and China by ending the morning session higher today, as buying interest in glove stocks persisted.

At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.56 points, or 0.29 per cent, to 1,594.17 from 1,589.61 at the close last Friday.

The key index opened 5.07 points firmer at 1,594.68.

Market breadth was positive with gainers outnumbering losers 510 to 448, while 392 counters were unchanged, 659 untraded and 28 others suspended.

Trading volume stood at 6.31 billion units worth RM3.34 billion.

The top gainers list was dominated by glove stocks led by Kossan, which surged RM1.38 to its all-time high of RM15.18. Careplus added 53 sen to RM2.99, Comfort improved 43 sen to RM4.63, Rubberex was 34 sen better at RM3.92 while Pharmaniaga propped up 49 sen to RM4.12. 

Of the heavyweights, Hartalega advanced 30 sen to RM17.98 and Top Glove was 34 sen better at RM25.78. Both counters were also among the top gainers on the local exchange at mid-day.

KLK bagged RM1.18 to RM23.88, IOI Corp and Tenaga strengthened eight sen each to RM4.55 and RM11.32 respectively, while Petronas Gas accumulated 12 sen to RM16.40 and Dialog rose four sen to RM3.83.

A dealer said the return of double-digit Covid-19 cases in Malaysia had sparked second wave fears in the country, boosting demand for glove-linked stocks.

“Meanwhile, news that the government would reintroduce the movement control order should the number of new Covid-19 cases climb to three digits, was also among the reasons that pushed investors into glove-linked stocks,” he said.

Malaysia reported 13 new Covid-19 cases yesterday, bringing the total cases to 8,897. The country also recorded one fatality due to the virus infection on Sunday, taking its death toll to 124 thus far.

Of the actives, XOX gained 3.5 sen to 21.5 sen, Iris perked four sen to 33.5 sen, Borneo Oil ticked up one sen to 4.5 sen, PDZ was 1.5 sen higher at 16.5 sen while Bioalpha declined one sen to 28.5 sen.

On the index board, the FBM Emas Index increased 39.13 points to 11,311.31, the FBMT 100 Index appreciated 35.49 oints to 11,149.54 and the FBM Emas Shariah Index was 87.48 points firmer at 13,185.53.

The FBM 70 added 59.39 points to 14,213.67 and the FBM ACE was 340.10 points higher at 8,238.16.

Sector-wise, the Financial Services Index was down 25.97 points at 13,391.66, the Plantation Index strengthened 112.70 points to 7,227.73 and the Industrial Products and Services Index inched up 0.02 point to 139.67. — Bernama