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Market Daily Report: KLCI bucks regional trend to close higher on continuing strong gains by glove counters
KUALA LUMPUR (July 10): The FBM KLCI bucked the regional trend to close 0.54% higher today, mainly on further gains recorded by glove makers Top Glove Corp Bhd and Hartalega Holdings Bhd.
The index dipped into the red shortly after it opened at 1,578.92. But as trading progressed, it slowly inched up to end the day 8.59 points higher at 1,591.84.
The healthcare index, which includes rubber glove manufacturers, was the biggest percentage gainer among Bursa Malaysia indices, closing 4.25% higher at 3,062.57.
Public Investment Bank technical analyst Lee Siao Ping said he is positive about the healthcare sector, especially the glove counters.
He said from a technical viewpoint, the KLCI could rise above 1,600 next week, buoyed by the continuing buying momentum in the sector.
"Support can be found at 1,600, 1610 and 1,622. Conversely, resistance can be identified at 1,580 and 1,550, which is less likely," he told theedgemarkets.com.
Glove stocks dominated the day's top gainers' list as they rose to fresh record highs on growing demand for gloves amid rising Covid-19 cases globally.
Top Glove closed up 74 sen or 3.49% to a new record high of RM21.92, as did Hartalega which jumped 46 sen or 2.77% to RM17.06.
Similarly, Supermax Corp Bhd and Kossan Rubber Industries Bhd also rose to new all-time highs of RM13.62 (up RM1.18 or 9.49%) and RM12.38 (up 70 sen or 5.99%), resprectively.
Elsewhere in Asia, Japan's Nikkei 225 fell 1.06%, South Korea's Kospi dipped 0.81%, Hong Kong's Hang Seng Index declined 1.84% and the Shanghai Stock Exchange Composite Index dropped 1.95%.
Reuters reported that world stocks and oil prices were faltering today as record-setting new Covid-19 cases in several US states led to worries that more lockdowns might be necessary, making a quick economic recovery unlikely.
Source: The Edge
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