Glove counters return to spotlight, lead top gainers on Bursa

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KUALA LUMPUR (Sept 11): Glove counters have made a strong comeback on Bursa Malaysia with a vengeance, leading the top gainers list as at mid-afternoon, as bargain hunters scooped up stocks whose prices have dropped substantially since the beginning of the week due to profit-taking.

At 3.04 pm, top gainer Supermax bagged 93 sen to RM7.03 from RM6.10 at yesterday's close, with 84.71 million shares traded.

Runner-up Top Glove rebounded 89 sen to RM7.34 from yesterday's close of RM6.45 with 164.75 million shares changing hands.

The surge in the world's largest rubber glove manufacturer stock value was seen after the company spent nearly RM100 million on share buy-backs over the past two days.

Yesterday, Top Glove announced in a bourse filing that it had bought 14.93 million shares  at between RM6.12 and RM7.40 for a total of RM99.93 million.

That included a share buy-back of 1.39 million shares for RM9.995 million that it announced on Wednesday.

Other glove-linked counters on the top gainers list are Rubberex, which added 88 sen to RM5.18, Kossan rose 68 sen to RM10.38 and Hartalega advanced 48 sen to RM12.36.

Careplus put on 29 sen to RM2.31 while Comfort Glove increased 22 sen to RM3.45.

Growth in the glove counters had brought the Healthcare Index to soar 185.52 points to 3,330.72.

Meanwhile, at 3.04 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ticked up 0.03-of-a point to 1,490.15 from Thursday's close of 1,490.12, after opening 3.89 points easier at 1,486.23.

Gains on the 30 FBM KLCI linked counters were solely contributed by Top Glove and Hartalega, whereas the remaining 28 counters were traded in the red, including Maybank which slipped nine sen to RM7.41, Tenaga eased 26 sen to RM11.24 and Public Bank was 10 sen lower at RM16.08.

Overall, market breadth was positive with gainers leading losers 462 to 363, while 770 counters were unchanged, 451 untraded and 33 others suspended.

Total trading volume stood at 5.58 billion shares worth RM4.47 billion.

Of the actives, XOX perked one sen to 19.5 sen, Macpie edged up seven sen to 39 sen, Kanger International put on five sen to 26 sen, while Sapura Energy and Borneo Oil were flat at 10.5 sen and five sen respectively.

On the index board, the FBM Emas Index expanded 42.89 points to 10,651.82 and the FBM Emas Shariah Index strengthened 110.97  points to 12,483.80.

The FBM 70 jumped 190.09 points to 13,561.33, the FBMT 100 Index was 36.55 points firmer at 10,474.58 and the FBM ACE surged 426.81 points to 10,124.32.

Sector-wise, the Financial Services Index lost 68.81 points to 12,632.37, the Plantation Index retreated 42.82 points to 6,979.28 and the Industrial Products and Services Index edged down 0.53 of-a-point to 134.31.

Read also:
Supermax tops Bursa gainers as bargain hunting on glove stocks returns