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Top Glove rebounds and powers KLCI higher

malaysia news lab
malaysia news lab

KUALA LUMPUR: Investors’ confidence in Top Glove’s strong earnings outlook was unwavered despite the recent US Customs action, sending the world’s biggest glove maker sharply higher.

At 5pm, the FBM KLCI was up 31.33 points to 1,596.33, after Bursa Securities adjusted the closing value on Thursday from 1,573.31 to 1,565. This was due to a technical issue which halted trading at 3.30pm.

Turnover on Friday was heavy with 9.49 billion shares traded on the stock exchange valued at RM5.85bil. The broader market was firm with 695 gainers, 349 losers and 377 counters unchanged.

Bursa Secuities has earlier on Friday revised the closing price for Top Glove on Thursday, following the technical issue, from RM21.24 to RM19.70 following the technical issue.

Top Glove rose RM3.28 to RM22.98 and powered the KLCI up a hefty 17.29 points. This gave the world’s largest glove maker a market capitalisation of RM62bil. At RM22.98, it was trading at a price-to-earnings ratio of 155.27 times.

Hartalega rallied RM1.94 to RM17.10 and boosted the KLCI by 12.84 points. At the last traded price, its market capitalisation was RM58.93bil. It was trading at a PE of 141.32 times.

Supermax climbed RM1.60 to RM16.50 and had a market capitalisation of RM24.08bil and was trading at an Astronomical PE of 218.52 times.

Kossan ended 80 sen higher at RM13.06 and Comfort Glove 21 sen up to RM3.78.

Banks were mixed, with Maybank up 12 sen to RM7.94, RHB Bank six sen to RM5.07 and HL Bank four sen to RM15.06 but CIMB shed six sen to RM3.61 and Public Bank 14 sen lower at RM18.28.

Tenaga rose 18 sen to RM11.54 and added two points, GentingM fell one sen to RM2.49 and Genting two sen to RM4.06 while IHH shed one sen to RM5.33 and MISC two sen to RM7.87.

As for telcos, Digi ended nine sen higher at RM4.48, Axiata three sen to RM3.38. Telekom six sen to RM4.09 and Maxis two sen to RM5.38.

Among the plantations, PPB Group climbed 36 sen to RM18.64, KL Kepong two sen to RM22.62 and IOI Corp flat at RM4.52 while Sime Plantation shed four sen to RM5.10.

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