Press Metal, rubber gloves lift FBM KLCI to end at intra-day high

KUALA LUMPUR: Persistent buying momentum in indexlinked counters, led by Press Metal and rubber glove stocks, helped Bursa Malaysia’s key index to end the day on a firm note despite a weaker broader market.

The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.97 points to finish at its intraday high of 1,608.25 against Wednesday’s close of 1,598.28.

The index, which opened 1.53 points higher at 1,599.81, fell as low as 1,597.78 during the day.

Aluminium extrusion company Press Metal saw its share price soar 68 sen to RM10.70 with 7.74 million shares changing hands Thursday, contributing 5.195 points to the composite index as investors expected the hike in aluminium prices would spur the group’s earnings.

As for rubber glove makers, Top Glove rose 31 sen to RM5.44, Hartalega increased 53 sen to RM10.00, and Supermax bagged 50 sen to RM5.10. These rubber glove stocks contributed a combined 10.824 points to FBM KLCI.

A dealer said buying interest in rubber gloves resurfaced as Covid-19 infections in the country continued to show an uptrend.

Health director-general Tan Sri Dr Noor Hisham Abdullah, earlier on tweeted that the number of new Covid-19 cases in Malaysia had surpassed the 2,000 mark with 2,148 cases reported in the last 24 hours.

The last time the country recorded more than 2,000 daily cases was on March 5, with 2,154 cases.

On the broader market, losers outnumbered gainers by more than twofold – 801 to 324 – while 731 counters were unchanged, 323 untraded and 27 others suspended.

Total volume increased to 6.52 billion shares valued at RM4.74 billion from 5.91 billion shares worth RM2.99 billion on Wednesday.

Of the heavyweights, Public Bank and Petronas Chemicals gained three sen each to RM4.23 and RM7.91 respectively, while Maybank slipped one sen to RM8.30, Tenaga shed four sen to RM10.12, and IHH Healthcare declined five sen to RM5.35. — Bernama