KLCI up 0.29% as index-linked glove makers rise, jewellers gain on record gold prices

KLCI up 0.29% as index-linked glove makers rise, jewellers gain on record gold prices
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KUALA LUMPUR (July 27): The FBM KLCI gained 0.29% at the midday break today as index-linked glove makers advanced while jewellers rose as well on the back of record gold prices.

At 12.30pm, the FBM KLCI rose 4.56 points to 1,594.17.

Gainers led losers by 367 to 327, while 656 counters traded unchanged. Trading volume was 6.32 billion shares valued at RM3.35 billion.

The top gainers included Kossan Rubber Industries Bhd, Kuala Lumpur Kepong Bhd, Careplus Group Bhd, Pharmaniaga Holdings Bhd, Comfort Gloves Bhd, Rubberex Corp Bhd, Top Glove Corp Bhd, SCGM Bhd, Batu Kawan Bhd and Hartalega Holdings Bhd.

Among jewellery-linked firms, the advancers included Poh Kong Holdings Bhd, Tomei Consolidated Bhd and East Malaysia-based Bahvest Resources Bhd.

The actively traded stocks included XOX Bhd, Iris Corp Bhd, Borneo Oil Bhd, Bioalpha Holdings Bhd, PDZ Holdings Bhd, Jadi Imaging Bhd, Careplus, Nexgram Holdings Bhd and JCY International Bhd.

The decliners included Nestle (M) Bhd, Carlsberg Brewey Malaysia Bhd, Vstecs Bhd, Mesiniaga Bhd, Maxis Bhd, My EG Services Bhd, Tune Protect Group Bhd and Cypark Resources Bhd.

Reuters said gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3% as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10%, it said.

Kenanga Research said last week, the key FBM KLCI swung between gains and losses before finishing marginally weaker at 1,590 (down 6.7 points or 0.4% week-on-week).

“Technically speaking, we believe the FBM KLCI would struggle to overcome our resistance hurdles of 1,600 (R1) and 1,645 (R2).

“Renewed selling pressures could be forthcoming if and when the benchmark index falls beneath the temporary resistance-turned-support trendline,” it said.