KLCI bucks regional trend as Hartalega and Top Glove lift

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KUALA LUMPUR (Oct 22): The main index at Bursa Malaysia edged up in early trade Thursday as index-linked glove makers rebounded to prop the benchmark index higher.

At 9.06am, the FBM KLCI added 2.60 points to 1,495.00.

The early gainers included Kossan Rubber Industries Bhd, Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, United Plantations Bhd, Scientex Bhd, Top Glove Corp Bhd, Comfort Gloves Bhd and Rubberex Corp (M) Bhd.

Bloomberg said US equity futures retreated with Asian shares and the dollar edged higher after American intelligence officials said that Russia and Iran have attempted to interfere in next month’s US presidential election.

Rakuten Trade in its daily market report said US markets remained volatile as the discussions on the stimulus plans continues while the election in the final leg.

It said the Dow Jones, S&P and Nasdaq were marginally lower after moving between positive and negative territory.

“US futures remained lower hence regional markets sentiment is likely to be cautious on the weakness in US markets.

“Back to our local market, we expect bargain hunting to bring the KLCI back to the 1,500 level.

“Hence, we advocate investors to buy the dips and position themselves and focus on the healthcare, glove, mask PPE (personal protective equipment) related stocks and small- to mid-cap stocks,” it said.