Glove makers lead gains in KLCI

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KUALA LUMPUR (March 15): Supported by share price increases in Hartalega Holdings Bhd and Top Glove Corp Bhd, the FBM KLCI gained 6.02 points or 0.36% to close at 1,680.54 points today.

Shares of glove makers had recently been battered due to the depreciation of the ringgit against the US dollar. However, the ringgit appreciated to 4.088 against the dollar today, its first uptick since Tuesday.

The local market’s performance was in line with other Asian markets, buoyed by news of progress in US-China trade talks, according to Reuters.

However, according to Rakuten Trade head of research Kenny Yee, the increase in the benchmark index was likely due to domestic buying as foreign investors have reportedly continued to pull money out of the country. 

Market breadth was positive across Bursa Malaysia, with 445 counters up versus 374 decliners. Total volume topped 4 billion shares, valued at RM3.67 billion. 

Sapura Energy Bhd, Bumi Armada Bhd and Priceworth International Bhd were the most actively-traded stocks. Top gainers included Nestle (Malaysia) Bhd, Malaysian Pacific Industries Bhd and Hong Leong Bank Bhd. 

In other Asian markets, Japan’s Nikkei closed up 0.77%, while the Shanghai Composite Index rose 1.04%. South Korea’s Kospi ended 0.95% higher.