FBM KLCI starts higher as glove shares rise

KUALA LUMPUR (Sept 17): Bursa Malaysia opened higher on Thursday, extending its gains for the fourth consecutive day as major glove makers, including Top Glove, rebounded from previous losses, while Hartalega continued to trade stronger.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.16 points to 1,534.44 from Tuesday’s close of 1,531.28.

It opened 9.86 points stronger at 1,541.14.

On the broader market, market breadth was positive with gainers thumping losers 343 to 121, while 283 counters were unchanged, 1,307 untraded and 20 others suspended.

Total volume stood at 567.07 million shares worth RM317.6 million.

Malacca Securities said the impending release of Top Glove’s financial performance may also provide fresh leads to extend the upside.

The world’s largest rubber glove manufacturer is set to release its 2020 results today.

Source: TheEdgeMarkets