KUALA LUMPUR (March 3): The FBM KLCI settled up 9.03 points or 0.58% at 1,578.90 at Bursa Malaysia's afternoon break today, partly helped by the rise in rubber glove manufacturers' share prices on bargain hunting and as Asian equity indices gained amid Covid-19 vaccine-driven economic recovery hopes.

Across Bursa at 12.30pm, there were 610 decliners and 460 gainers. Top decliners included AMMB Holdings Bhd as investors weighed the impact of the financial services provider's RM2.83 billion settlement linked to 1Malaysia Development Bhd.

"While blue chips were largely rangebound on Tuesday, further heavy profit-taking in rubber gloves and oil & gas stocks due to a dip in global oil prices was offset by bargain hunting in banks, property, telcos, and transportation and logistics counters due to economic recovery plays," TA Securities Holdings Bhd analysts wrote in a note today.

"Blue chips are expected to consolidate in near term, while rotational buying in lower liners or small caps highlight, specifically those in the property, technology, transport and telco-related sectors, on economic recovery optimism," the analysts said.

Share prices of rubber glove manufacturers Supermax Corp Bhd, Hartalega Holdings Bhd and Top Glove Corp Bhd settled higher among Bursa top gainers.

Supermax rose 52 sen or 12.65% to RM4.63, Hartalega was 43 sen or 4.57% higher at RM9.84 while Top Glove 
climbed 25 sen or 5.26% to RM5.

KLCI constituents Supermax, Hartalega and Top Glove are also members of Bursa's Health Care index, which rose the most in percentage terms among bourse gauges.

The Health Care index settled up 55.27 points or 1.8% at 3,125.45.

Meanwhile, AMMB, which resumed trading today following a two-day suspension, settled down 35 sen or 11.08% at RM2.81.

The stock was transacted between RM2.91 and RM2.63 so far today.

Globally, it was reported that Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks might have rallied too far too fast in the past year, and focused instead on optimism that more imminent US stimulus will energise the global economic recovery.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.44%, Australian shares were up 0.62% while Japan's Nikkei stock index rose only 0.03%.

"Shares in China gained 0.63%. E-mini S&P futures were up 0.23%," Reuters reported.