Business
Top Glove Surge powers KLCI 20pt
KUALA LUMPUR: Top Glove and Hartalega
provided the boost to the FBM KLCI on Friday and propelled it above the crucial 1,500 level.
At 5 p.m., the KLCI was up 14.34 points or 0.96% to 1504.46. Turnover was 7.65 billion shares valued at 6.49 billion RM. There were 729 winners, 348 losers and 396 counters unchanged.
Top Glove rose from RM 1.31 to RM 7.76 and propelled the KLCI 20.74 points while Hartalega’s 56 sen increase to RM 12.44 gave the index an increase of 3, 73 points.
However, of the 30 KLCI actions, six others ended flat and the rest were in the red.
It remains to be seen whether these two glove makers can hold on to their rebound due to the volatility of their stock prices and the large differences in target prices and the opinions of the analysts who cover them.
KAF has a buy on Top Glove and a target price of RM 9.35, PublicInvest Research a trading buy and a TP of RM 8.90 while Macquarie has an underperformance and a TP of RM 5.40, HSBC a socket and a RM 8.33 TP.
As for Hartalega, KAF has a buy, TP RM24.24, Macquarie neutral, TP RM19.70, UOB Kay Hian hold, TP RM19.50 and Affing Hwang Investment buy, TP RM28.80.
Supermax was the top winner, increasing RM1.40 to RM7.50, Kossan 98 sen to RM10.68, Rubberex 98 sen also RM5.28, Hartalega 56 sen to RM12.44, Careplus 49 sen to RM2.51 and Adventa 47 sen to RM2.19.
Among other counters, Petronas Chemicals dropped eight sen to RM 5.64 and erased 1.24 points, Petronas Dagangan lost 28 sen to RM 20.50 and Petronas Gas changed RM 16.54. Dialogue was flat at RM3.65.
US light crude oil rose seven cents to US $ 37.37, but Brent lost three cents to US $ 40.03.
Crude palm oil for the third month delivery fell from RM 6 to RM 2,808 per tonne. KL Kepong fell 42 sen to RM22.48, PPB Group eight sen to RM18.62, IOI Corp fell three sen to RM4.45 while Sime Plantation was stable at RM5.06.
As for the banks, Maybank fell by eight sen to RM 7.45, Public Bank from RM 10 to 16.08, RHB Bank from seven to RM 4.63, CIMB from one sen to 3, RM18 while Hong Leong Bank was stable at RM14.80.
Tenaga continued their decline, losing eight sen to RM11.42, Sime Darby three sen to RM2.27, MISC four sen to RM7.55 while Genting and GentingM were down two sen each to RM3.48 and RM2.21 .
Among the major Asian markets, the Japanese Nikei 225 rose 0.74%, the Hang Seng index 0.78%, the Shanghai Composite 0.79%, the Taiwan Taiex lost 0.12%, the South Korea’s Kospi stagnated while Sigapore’s Straiots Times Index lost 0.1%.
The ringgit rose 0.28% against the US dollar to 4.1520.
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