KLCI crosses 1,600-point threshold, Top Glove’s market cap swells to over RM64b

KLCI crosses 1,600-point threshold, Top Glove’s market cap swells to over RM64b
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KUALA LUMPUR (July 13): The FBM KLCI rose 0.82% to cross the 1,600-point threshold, while glove maker Top Glove Corp Bhd’s market capitalisation swelled to more than RM64 billion, against a backdrop of firm regional markets.

At 10am, the KLCI was 13.23 points higher at 1,605.07.

Gainers led losers by 400 to 377, while 387 counters traded unchanged. Trading volume was 2.75 billion shares valued at RM1.54 billion.

The top gainers included Top Glove, Kossan Rubber Industries Bhd, Supermax Corp Bhd mother shares and warrants as well as Hartalega Holdings Bhd.

The actives included PDZ Holdings Bhd, Vivocom Intl Holdings Bhd, Vsolar Group Bhd, Anzo Holdings Bhd, Sanichi Technology Bhd, Key Alliance Group Bhd and Vortex Consolidated Bhd.

The decliners included Batu Kawan Bhd, British American Tobacco (Malaysia) Bhd, Mesiniaga Bhd, Dutch Lady Milk Industries Bhd, Hengyuan Refining Comnpany Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Press Metal Aluminium Holdings Bhd, JF Technology Bhd and AEON Credit Service (M) Bhd.

Reuters said Asian shares got off to a firm start today as investors wagered the US earnings season would see most companies beat forecasts given expectations had been lowered so far by Covid-19 lockdowns.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15%, having climbed sharply to a five-month peak last week on the back of surging Chinese stocks, Reuters reported.

Hong Leong Investment Bank Research said taking its cue from the positive recovery of Dow Jones last Friday and Brent oil prices, coupled with market expectations that Prime Minister Tan Sri Muhyiddin Yassin could secure majority support for all the motions to be tabled by him today (including the replacement of the Speaker and Deputy Speaker), the KLCI is likely to trend higher this week with key resistance in 1,600-1,617-1,647 zones, while support falls on the 1,550-1,563 levels.