KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Glove stocks are back on the rise, following a brief pullback, with industry leaders like Top Glove and Supermax showing impressive daily gains of 6.8% and 6.5% respectively. This rally has fueled investor optimism, with glove manufacturers posting exceptional Q4 performances and cumulative gains exceeding 39% since October. Why the Glove Sector is Booming 1. Robust Industry Growth Malaysia, the world’s largest rubber glove producer, has demonstrated significant growth in 2024. Rubber glove sales surged by 17.2% year-over-year , reaching RM6.8 billion in the first half. Even amidst challenges like declining average selling prices and geopolitical risks, Malaysian exports of rubber gloves made up over 60% of total rubber product exports , cementing the country’s global market dominance. Key financial highlights from glove companies include: Top Glove : RM835 million revenue (+75.5% YoY) Kossan : RM507 million revenue (+25.8% YoY) Hartalega : RM652 mill...