Saturday, 10 Jul 2021 10:07 AM MYT
During the week just ended, the equity market was traded mostly lower as fears from high infection rates kept sentiments down, with the latest number of daily cases reaching a record high of 9,180 cases on July 9. Picture by Hari Anggara
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KUALA LUMPUR, July 10 The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to trade in a tight range between 1,510 and 1,530 as investors continue to remain cautious amid the Covid-19 pandemic, despite encouraging vaccination rates.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim sees no major catalysts in the immediate term for the market.
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have initiated a full shutdown of their manufacturing facilities in Selangor amid the enforcement of the emergency movement control order (EMCO).
Analysts believe that while the impact on glove companies’ earnings will be temporary, investors’ sentiment on glove counters could be hit over the short term.
Maybank Investment Bank Research (Maybank IB) said the move by the glove players to shut down their facilities was surprising.“We are negatively surprised as gloves, which are personal protective equipment, constitute essential items and glove factories were allowed during the first lockdown last year.
“In our view, the temporary shutdown of glove factories will not only affect the companies’ earnings but could also jeopardise their relationships with overseas buyers, especially when the Malaysian glove makers are currently experiencing escalating competition from the China glove makers, ” it said in a report yesterday.