Tuesday 19 Mar 2024
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KUALA LUMPUR (July 17): The FBM KLCI gained 0.92% in early trade today as Top Glove Corp Bhd rebounded and rose above the RM20 mark, while other glove makers continued to be on investors’ radar.

Top Glove came under heavy selldown yesterday on news that the US Customs authority placed detention orders on the company's shipments on Wednesday.

At 9.06am, the bellwether index was 6.13 points higher at 1,579.44.

The top gainers included Top Glove, Hartalega Holdings Bhd, Supermax Corp Bhd. Kossan Rubber Industries Bhd, PPB Group Bhd and MISC Bhd.  

Top Glove rose RM1.42 to RM21.12.

Bloomberg said Asian stocks were mixed today amid signs of fragility in the US tech rally and ongoing Sino-American tensions.

The US dollar dipped, it said.

Rakuten Trade Sdn Bhd in its daily market report said US equities declined as latest data showed that the economic recovery was not what was initially expected.

It said the Dow Jones Industrial Average dropped 135 points to close at just above the 26,700 level.

“As such, we reckon regional markets will continue with their consolidation dragged by heavy correction in China.

“On the local front, we expect prevailing selling mode to persist as sentiment has somewhat been affected by a decline in glove-related stocks.

“Therefore, the FBM KLCI is likely to further consolidate and trend within the 1,560-1,570 range today,” it said.

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