KUALA LUMPUR, Aug 18 ― Persistent demand for glove makers, namely Hartalega and Top Gloves, coupled with easing US-China tensions, helped drive the key index on Bursa Malaysia to end the morning session on a firm note.

Despite mixed regional peers, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 10.66 points to 1,571.4 from yesterday's close of 1,560.74.

The key index, which opened 1.1 points weaker at 1,559.64, hovered between 1,557.25 and 1,576.87  throughout the session.

Hartalega and Top Gloves rebounded strongly after their recent sell-off, gaining RM1.44 to RM17.00 and RM1.76 to RM24.18, respectively.

Gains in both stocks contributed substantial 19.309 points to the rise in the composite index.

A dealer said bargain-hunting emerged in glove manufacturers’ shares after Deputy Finance Minister II Mohd Shahar Abdullah reportedly said the government has not decided on whether to impose a windfall tax on industries that have been outperforming during the pandemic.

Speaking in Parliament today, he, however, said Putrajaya “has a broad-based policy”.

The overall market breadth on Bursa Malaysia was positive with gainers outnumbering losers 530 to 411, while 397 counters were unchanged, 673 untraded and 23 others suspended.

Trading volume stood at 5.31 billion shares worth RM3.0 billion.

Of the heavyweights, Tenaga bagged six sen to RM11.18, but Maybank and Public Bank eased six sen each to RM7.75 and RM17.74, respectively, while Petronas Chemicals and IHH Healthcare lost seven sen each to RM6.20 and RM5.30, respectively.

Among the most actives, Borneo Oil and DGB inched down half-a-sen each to 6.5 sen and 5.5 sen, respectively, XOX shed 1.5 sen to 18.5 sen, while Niche Capital perked 4.5 sen to 33 sen and Sanichi was flat at 7.5 sen.

Ace market debutant Optimax rose 41 sen to 71 sen, with 97.21 million shares changing hands.

The eye specialist services plans to use 49.31 per cent of  the RM21 million raised through the initial public offering for capital expenditure, 16.76 per cent for repayment of borrowings, 16.79 per cent for working capital, and 17.14 per cent for listing expenses.

On the index board, the FBM Emas Index rose 97.8 points to 11,205.55, the FBM Emas Shariah Index surged 207.96 points to 13,049.54 and the FBMT 100 Index edged up 94.26 points to 11,031.28.

The FBM 70 chalked up 198.29 points to 14,225.3 and the FBM ACE jumped 315.41 points to 9,859.17.

Sector-wise, the Financial Services Index gave up 79.25 points for 13,257.47, the Plantation Index eased 9.19 points to 7,036.88 and the Industrial Products and Services Index slipped 0.13 of-a-point to 140.98. ― Bernama