Tuesday 19 Mar 2024
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KUALA LUMPUR (July 20): The FBM KLCI started the week firmly as glove makers led the gainers list, in line with a report over the weekend that Malaysia's glove industry undeterred by US detention,while regional markets traded mixed.

At 9.05am, the bellwether index rose 7.76 points to 1,604.09.

The early gainers included Top Glove Corp Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, as well as warrants of Supermax and Top Glove.

Reuters said Asian shares began warily on Monday as investors eyed efforts to stitch together more fiscal stimulus in the eurozone and United States to help economies ride out the effects of a record jump in COVID-19 cases globally.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat at 541.49, with Australian shares down 0.3% and South Korea's KOSPI just a shade higher, it said.  

Rakuten Trade Sdn Bhd in its daily market report said amid the worsening coronavirus cases in the US, sentiments were further impacted by the decline in banks’ earnings as the economic reality sinks in.

Nonetheless, it said the Dow Jones Industrial Average was rather stubborn losing a mere 63 points last Friday to end the session at 26,672 level.

“Following a rebound spearheaded by China, we reckon regional markets to be rather mixed today in the absence of strong catalysts.

“Locally, the positive reversal of rubber glove players performance helped pushed the FBM KLCI closer to the 1,600 mark again and we believe the index may test the 1,610 level today as optimism returns,’ it said.

 

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