KUALA LUMPUR (April 16): The FBM KLCI closed up marginally today, mirroring the uptrend in regional bourses, lifted mainly by persistent buying support for glove makers.
At 5pm, the benchmark index edged up 0.01% or 13 points higher at 1,608.38 points, after moving between 1,600.30 points and 1,609.76 points.
The market breadth was mixed with 516 gainers versus 501 losers, while 484 counters remained unchanged.
Across Bursa Malaysia, trading volume stood at 6.57 billion securities worth RM4.42 billion.
Index-linked glove maker Supermax Corp Bhd closed up 21 sen or 4.12% to RM5.31, its highest since Feb 23 when it recorded a closing price of RM5.45.
Similarly, Top Glove Corp Bhd and Hartalega Holdings Bhd also rose to nearly two-month highs. Top Glove shares added 13 sen or 2.39% to close at RM5.57, while Hartalega shares gained 12 sen or 1.2% to close at RM10.12.
The three counters are also members of Bursa's Healthcare index, which rose 24.18 points or 0.77% at 3,171.12 points.
TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that investors have shifted back their focus into rubber glove players lately, due to the huge spike in Covid-19 daily cases globally, which in turn has provided support to the rebounds in KLCI today.
“Broader market was slightly negative due to the local investors fear that the pandemic may further escalate,” he added.
Given concerns over rising cases, Soo expects the local bourse to trade sideways in the coming week.
He noted that the KLCI's resistance levels are at between 1,635 and 1,642 points, while its support levels are at 1,575 points.
Notable gainers by value included Heineken (M) Bhd, Rapid Synergy Bhd, Dataprep Holdings Bhd, Transocean Holdings Bhd, Aeon Credit Service (M) Bhd, Malaysian Pacific Industries Bhd (MPI) and Careplus Group Bhd.
Top losers by value included Fraser and Neave Holdings Bhd, Kuala Lumpur Kepong Bhd (KLK), Malayan Cement Bhd, Carlsberg Brewery (M) Bhd, Hong Leong Financial Group Bhd, Padini Holdings Bhd, Dutch Lady Milk Industries Bhd and KESM Industries Bhd.
Meanwhile, UCrest Bhd topped the list of active stocks with 379.88 million shares traded. It closed up 5.5 sen or 18.64% at 35 sen.
Other actives included Focus Dynamics Group Bhd, Minda Global Bhd, LKL International Bhd, Key Asic Bhd, Rubberex Corp Bhd, Careplus Group Bhd and Berjaya Corp Bhd.
Bloomberg reported global stocks hit record highs on Friday and US futures were steady, as a string of positive economic figures from America and China highlighted the strength of the recovery.
“In Asia, Chinese shares outperformed after data showed the nation’s economy soared in the first quarter,” it added.
In China, Shanghai Stock Exchange Composite Index rose 0.81%, Hong Kong’s Hang Seng Index added 0.61%.
Elsewhere in Asia, Japan’s Nikkei 225 closed up 0.14%, South Korea’s Kospi advanced 0.13%, while Singapore's STI rose 0.53%.
Reuters reported China’s economic recovery quickened sharply in the first quarter to a record growth of 18.3% from last year’s deep coronavirus slump, propelled by stronger demand at home and abroad and continued government support for smaller firms.
Source: The Edge
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