KLCI ends lower as glove makers stumble

KUALA LUMPUR: The FBM KLCI failed to hold on to its gains generated in early trade as market sentiment may remain cautious.

At 5pm, the benchmark index closed 14.47 points, or 0.91% to 1,570.46, its intraday low. The key index opened 2.58 points higher at 1,587.51, its day’s high.

Market breadth turned negative as losers overpowered the gainers on a ratio of 754-to-476 stocks. Traded volumes stood at 13.3 billion worth RM5.7bil.

Dealers believed the downside risk could be limited as vaccine rollout across the country may drive the optimism for an economic recovery.

Index-linked glove makers were the main drag on the index today. Top Glove fell 27 sen to RM5.78, dragging the index down by 3.3843 points. Hartalega tumbled 42 sen to RM11.64, pushing the index 2.2 points lower. Supermax declined 27 sen to RM5.53, nudging the index down by 1.1226 points.

Among the banks, Maybank fell eight sen to RM7.95, Public Bank declined three sen to RM4.10, CIMB shed nine sen to RM4.16, Hong Leong Bank fell 10 sen to RM17.68 and RHB shed four sen to RM5.38.

On the broader market, MPI tumbled RM1.16 to RM37.24, Tasco fell 80 sen to RM17 and Taso shed 75 sen to RM4.40.

Gainers include Heineken, Carlsberg, Malaysia Airports and Pimpinan Ehsan. Heineken jumped RM1.22 to RM24.72, Carlsberg rose 62 sen to RM24, MAHB gained 35 sen to RM5.95 and Pimpinan advanced 34 sen to RM1.49.

On the external front, Nikkei 225 rose 0.46% to 30,156.03, while the broader Topix gained 0.49% to 1,938.35.

South Korea’s Kospi closed down 27.87 points, or 0.90%, at 3,079.75.

China’s CSI300 index fell 3.14% to close at 5,597.33 points while the Shanghai Composite index declined 1.45% to 3,642.44 points.

Hong Kong’s Hang Seng fell 1.06% to 30,319.83 at closing.