KLCI adds 0.68% as Top Glove leads rebound, regional markets mixed on US-Sino tensions

KLCI adds 0.68% as Top Glove leads rebound, regional markets mixed on US-Sino tensions
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KUALA LUMPUR (July 17): The FBM KLCI added 0.68% in the mid-morning today as index-linked glove makers rebounded, with Top Glove Corp Bhd rising above the RM20 mark, while regional markets traded mixed against a backdrop of US-Sino tensions.

At 10am, the KLCI was 10.72 points higher at 1,584.03.

Market breadth was positive as gainers led losers by 429 to 267, while 360 counters traded unchanged. Trading volume was 2.41 billion shares valued at RM1.39 billion.

The top gainers included Top Glove which rose RM2.02 to RM21.72, followed by Hartalega Holdings Bhd, up RM1.10 sen to RM16.26, Supermax Corp Bhd, up 88 sen to RM15.78, and Kossan Rubber Industries Bhd which added 54 sen to RM12.80.

The actively traded stocks included Pegasus Heights Bhd, Lambo Group Bhd, XOX Bhd, Anzo Holdings Bhd, AT Systematization Bhd, NetX Holdings Bhd, Hubline Bhd and Velesto Energy Bhd.

The decliners included Nestle (Malaysia) Bhd, Ajinomoto (Malaysia) Bhd, United Plantations Bhd, Carlsberg Brewery Malaysia Bhd and Amway (Malaysia) Holdings Bhd.

Bloomberg said Asian stocks were mixed today amid signs of fragility in the US tech rally and ongoing Sino-American tensions.

The US dollar dipped, it said.

Hong Leong Investment Bank (HLIB) Research said tracking overnight Dow’s and oil prices retracements, coupled with expectations of persistent selling pressure on Top Glove and other component stocks when Bursa Malaysia resumed trading today after an unexpected trading halt, the KLCI is likely to witness a "wild swings" trading pattern amid overbought daily and weekly slow stochastic readings.

“Key supports are near 1,563-1,543-1,533, while resistances are situated at the 1,591-1,617-1,633 levels,” it said.