KUALA LUMPUR (Aug 4): The KLCI rose today as trade volume and value across Bursa Malaysia closed up at all-time highs of 15.62 billion securities and RM10.45 billion respectively while shares of rubber glove manufacturers climbed to record peaks amid lingering Covid-19 pandemic concerns.
At 5pm, the KLCI finished up 3.33 points or 0.21% at 1,575.94. Bursa's top gainers included rubber glove manufacturers Supermax Corp Bhd and Top Glove Corp Bhd.
Among Bursa indices, the FBM ACE was the top percentage gainer after the gauge close up 5.27% followed by the healthcare and technology indices, which rose 4.79% and 3.33% respectively.
On the KLCI, EquitiesTracker head of research Lim Tze Cheng said the performance of the index today was mainly on account of rubber glove stocks.
“That said, it is still a two-tier market where pandemic related counters are performing as compared to non-pandemic sectors,” he said.
Lim said Bursa-listed technology stocks in particular did well today, not only due to overnight gains in such stocks in the US but also in anticipation that global demand for semiconductors is set to increase, given the shift to remote work away from the office due to the Covid-19 pandemic.
As more people shift to remote work, which requires products linked to semiconductors, such sentiment bodes well for the entire technology value chain, according to him.
Across Bursa today, rubber glove manufacturers Supermax, Top Glove and Kossan Rubber Industries Bhd were among notable gainers, with their share prices having pared gains at 5pm, following their rise to record highs earlier today.
Rival glove manufacturer Hartalega Holdings Bhd’s share price however, closed lower.
At 5pm, top gainer Supermax closed up RM3.08 or 15.93% at RM22.42, Top Glove finished RM1.48 or 5.51% at RM28.36 while Kossan rose 40 sen or 2.17% to RM18.84.
Supermax, Top Glove and Kossan had earlier today risen to record highs at RM22.46, RM28.38 and RM18.90 respectively.
Rubber glove manufacturers are constituents of Bursa’s healthcare index. Top Glove and Hartalega are KLCI stocks.
Vibrant trading activities across Bursa today lifted the bourse's trading volume and value to new highs after the exchange's volume rose past 13 billion securities for the first time yesterday to its previous record high.
Yesterday, trade volume across Bursa ended at 13.13 billion securities worth RM8.24 billion.
Bursa's previous record high securities trading value was RM9.31 billion on May 29, 2020.
Today is also the first time Bursa's securities trade value rose past RM10 billion.
Globally, it was reported that Asian shares advanced toay thanks to strong US manufacturing data and upbeat tech stocks, though broader worries about the coronavirus and global economy saw some markets trim early gains.
Overnight yesterday, Reuters reported that the Nasdaq closed at a record high yesterday as a rebound in multibillion-dollar deals, including Microsoft's pursuit of TikTok's US operations, lifted sentiment, and efforts to hammer out a coronavirus relief bill resumed.
Source: The Edge
No comments:
Post a Comment