Friday 19 Apr 2024
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KUALA LUMPUR: Glove manufacturers outperformed the market at midday on Tuesday, Sept 6, supported by strong gains in Top Glove as analysts see more upside for the sector.

However, the 30-stock FBM KLCI eased 1.71 points to 1,214.72 following the keen-jerk decline to KL Kepong, a component of the index. Turnover was 315.74 million shares valued at RM474.11 million. There were 265 gainers, 240 losers and 223 stocks unchanged.

Light crude oil fell just one cent to US$70.46 while crude palm oil futures lost RM24 to RM2,019.

At midday, Singapore's Straits Times Index rose 1.3% to 2,616.25, Hong Kong's Hang Seng Index edged up 0.7% to 20,568.77 and Japan's Nikkei 225 inched up 0.08% to 9,682.16.

Top Glove rose 36 sen to RM7/82, making it the top gainer. AmResearch reiterated its BUY call  on the companywith higher fair value of RM8.45 per share, based on PE of 14 times CY10F earnings (previously RM8.30/share).

"Management guided that 4Q09F earnings are expected to outperform 3QFY09's RM42 million, during our discussion," said AmResearch.

Hartalega added 17 sen to RM5.33, Latexx 12 sen to RM2.22 and Latexx-WA 13 sen to RM1.72.

BAT, which raised its cigarette prices, rose 20 sen to RM45.10.

KLK was the top loser, down RM3.02 to RM13.98, giving up almost all its "erroneous" gains in the late trade the previous day. However, PPB which also has interests in plantations and flour milling, added 14 sen to RM15.40.

IJM and CCM fell 15 sen each to RM4.63 and RM2.55 while CHHB slipped seven sen to 65 sen.

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