Supermax, Kossan top gainers on Bursa on news they may be included in KLCI

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KUALA LUMPUR (Oct 12): Supermax Corp Bhd and Kossan Rubber Industries are among the top gainers on Bursa Malaysia today, after Maybank Investment Bank Research said the two glove makers are likely to be included in the FBM KLCI at the next review in November. 

At 4.32 pm, Supermax was up 43 sen or 4.51% at RM9.97, valuing the company at RM27.07 billion. Year-to-date, the stock has soared by 1,324% from 70 sen. 

Kossan was up 23 sen or 3.18% at RM7.46, giving it a market capitalisation of RM19.06 billion. The counter has jumped 259% year-to-date from RM2.08. 

“Their inclusion will increase the weighting of glove stocks, four in total, in the KLCI to around 20%, from just under 15% currently. From a sector perspective, this is the second largest weighting after the banks (circa 27%),” Maybank IB analyst Anand Pathmakanthan wrote in a strategy report dated Oct 8. 

Maybank IB said Supermax and Kossan were the 20th and 24th largest stocks on the local stock exchange as of Oct 6. 

The KLCI constituent review will be based on share prices as at market close on Nov 23, and will be effective Dec 21. 

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Supermax, Kossan likely to be featured as KLCI constituents in next review

S Kanagaraju