KLCI breaks gaining streak as investors shun glove stocks on vaccine news

KLCI breaks gaining streak as investors shun glove stocks on vaccine news
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KUALA LUMPUR (Feb 16): A final-hour selldown that hit rubber glove stocks led to the FBM KLCI breaking its several-session gaining streak. The benchmark index finished 1.93 points or 0.12% lower at 1,606.14.

Glove counters Supermax Corp Bhd, Top Glove Corp Bhd and Hartalega Holdings Bhd declined as investors reacted to news that Malaysia will receive the Pfizer-BioNTech Covid-19 vaccine on Sunday for rollout from Feb 26.

Supermax fell 3.93% or 24 sen to RM5.86, valuing the company at RM15.94 billion. Top Glove dropped 1.78% or 11 sen to RM6.06, for a market capitalisation of RM49.71 billion, and Hartalega lost 0.16% or two sen to RM12.44, for a market value of RM42.64 billion.

Other index-linked decliners included IOI Corp Bhd (down 2.98% or 13 sen at RM4.24, giving a market value of RM26.65 billion) and Telekom Malaysia Bhd (down 2.41% or 16 sen at RM6.47, for a market value of RM24.42).

The broader market, however, finished in positive territory, with 706 gainers against 456 decliners and 509 unchanged counters.

Trading volume was 12.6 billion shares worth RM5.79 billion.

Top actives included Dagang NeXchange Bhd, DGB Asia Bhd and ARB Bhd. Top gainers included Heineken Malaysia Bhd, BLD Plantation Bhd and Widetech (M) Bhd. Top losers included Malaysian Pacific Industries Bhd, PPB Group Bhd and Tasco Bhd.

Reuters reported that Asian shares rallied today as investors banked on a rollout of Covid-19 vaccines to keep the global economic recovery on track.

Hong Kong’s Hang Seng was up 1.90% or 573.09 points at 30,746.66, Japan’s Nikkei 225 rose 1.28% or 383.60 points to 30,467.75. The Shanghai market remains closed for the Lunar New Year holiday.

S Kanagaraju