KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
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...