KUALA LUMPUR (May 27): The FBM KLCI rose 1.32% in mid-morning today as index-linked glove makers continued to forge ahead, riding on the Covid-19 pandemic.

Malaysia reported 187 new Covid-19 cases as at noon yesterday.

As at 10am, the FBM KLCI had risen 19.28 points to 1,456.04.

Gainers led losers by 541 to 229, while 296 counters traded unchanged. Trading volume was 1.97 billion shares valued at RM1.22 billion.

The gainers included Nestle (Malaysia) Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Petronas Dagangan Bhd (PetDag) and United Plantations Bhd.

The actives included Key Alliance Group Bhd, GD Express Carrier Bhd, Velesto Energy Bhd, Ekovest Bhd, KNM Group Bhd, Sapura Energy Bhd, Iris Corp Bhd and Careplus Group Bhd.

The decliners included Kuala Lumpur Kepong Bhd, British American Tobacco (Malaysia) Bhd, Dutch Lady Milk Industries Bhd, Rapid Synergy Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Bloomberg said Asian stocks saw a mixed open today as investors weighed a report that the Trump administration was considering sanctions on Chinese officials, another sign of deteriorating Sino-American relations.

The US dollar and Treasuries held overnight losses, it said.

Hong Leong Investment Bank Research said in the wake of an overnight 2.2% surge on Dow and 1.8% rally in Brent oil prices, it expects the KLCI to stage a technical rebound to retest 1,455 points.

Nevertheless, it said further rallies could be capped by the ongoing results season and escalating US-China tensions.

“Meanwhile, potential good news revolving around the possibility of favourable developments of the high-speed rail project, as the end-May review deadline nears, may reignite trading interest in potential beneficiaries such as the project delivery partners, building material stocks, property stocks, consultancy jobs and piling/foundation works,” it said.