Glove makers, whose share price tumbled at least 30% from their record highs, were seeing some bargain hunting today due to hope for sustainable high demand amid rising Covid-19 cases, according to a head of research and a fund manager The Edge contacted this morning.
KUALA LUMPUR (Jan 22): The main index at Bursa Malaysia pared some of its gains at the midday break Friday as regional markets eased from record highs on profit taking.
Meanwhile, Malaysia’s inflation, as measured by the consumer price index (CPI), declined 1.4% in December 2020 from a year earlier, bringing the full-year reading to a 1.2% drop. The full-year 2020 deflation is Malaysia’s first since 1969 when the CPI fell 0.41%.
At 12.30pm, the FBM KLCI was up 7.90 points to 1,602.70. The index had earlier risen to a high of 1,605.70.
Losers overtook gainers by 354 to 310, while 770 counters traded unchanged. Trading volume was 3.60 billion shares valued at RM2.40 billion.
KUALA LUMPUR (Jan 15): The main index at Bursa Malaysia slipped at midday break today as index-linked heavyweights, including Malayan Banking Bhd (Maybank) and Public Bank Bhd, dragged.
At 12.30pm, the FBM KLCI was down 3.88 points at 1,631.83. The index had earlier risen to a high of 1,637.88.
Losers led gainers by 368 to 314, while 733 counters traded unchanged. Trading volume was 3.09 billion shares valued at RM2.17 billion.
The decliners included KESM Industries Bhd, IHH Healthcare Bhd, Petron Malaysia Refining & Marketing Bhd, Tasco Bhd, Hong Leong Financial Group Bhd, MISC Bhd, Maybank, Hengyuan Refining Company Bhd, Petronas Gas Bhd, Public Bank and Hartalega Holdings Bhd.
KUALA LUMPUR (Jan 11): The main index of Bursa Malaysia lost 1.29% in the mid-morning today, against a backdrop of pausing regional markets, as local sentiment stayed tepid on lockdown fears in Malaysia.
The benchmark index was also pressured as index-linked glove makers Hartalega Holdings Bhd and Supermax Corp Bhd dragged.
At 10am, the FBM KLCI had lost 20.75 points to 1,612.44.
Market breadth was negative with losers outpacing gainers by 640 to 341, while 386 counters traded unchanged. Trading volume was 2.451 billion shares valued at RM1.89 billion.
The losers included CN Asia Corp Bhd, Oriental Interest Bhd, Hartalega, Heineken Malaysia Bhd, Supermax, Nestle (Malaysia) Bhd, TIME dotCom Bhd, Malayan Banking Bhd (Maybank) and Malaysian Pacific Industries Bhd.
The share prices of the rubber glove makers have fallen by at least 40% from their respective peaks. Are these darlings of 2020 oversold? Probably yes if one looks at the target prices (TP) that are pegged by the investment analysts.