Top Glove rose 36 sen to RM6.77 and added 5.65 points to the KLCI while Hartalega gained 46 sen to RM12.44 and nudged the index by 3.02 points. KUALA LUMPUR: Top Glove and Hartalagea gave the FBM KLCI a big boost on Wednesday as analysts maintained their Overweight stance on glove makers and had the two stocks as their top picks on robust global demand. Public Bank, which has led the KLCI higher most of the time since last week's record four-for-one bonus issue announcement also help provide the lift. At 5pm, the KLCI was up 7.39 points or 0.44% to 1,681.41. Turnover was 11.22 billion shares valued at RM5.21bil. There were 830 gainers, 453 losers and 458 counters unchanged. Top Glove rose 36 sen to RM6.77 and added 5.65 points to the KLCI while Hartalega gained 46 sen to RM12.44 and nudged the index by 3.02 points. Supermax ended 32 sen higher at RM7.11. CGS-CIMB Equities Research said the Covid-19 pandemic will continue to drive strong global demand while glovemakers’ total capacity has been fully sold up to at least 1QCY22. “Glove stocks should record stronger earnings in quarters ahead, driven by: i) higher average selling prices (ASPs), ii) rise in production capacity, and iii) better economies of scale, ” it said. Public Bank rose 20 sen to RM21.88, the highest since July last year and added 1.48 points. RHB Bank inched up one sen to RM5.70 while CIMB was flat at RM4.50, Hong Leong Bank shed 14 sen to RM18.70 and Maybank four sen to RM8.81. Telekom was the top performer among the telcos, up 19 sen to RM5.49 and added 1.37 points. Axiata was up five sen to RM3.87, Maxis one sento RM5.10 but Digi lost three sen to RM4.20. Strong crude palm oil prices gave PPB Group and KL Kepong a boost. CPO for third month delivery rose RM33 to RM3,388 per tonne, off the intra-day high of RM3,414. PPB rose 22 sen to RM18.72 and KL Kepong 12 sen to RM24 but Sime Plantation lost three sen to RM5.12 and IOI Corp seven sen lower at RM4.40. Weighing on the KLCI's advance was Petronas Chemicals, which fel 36 sen to RM7.60 and erasing 5.51 points. Petronas Dagangan fell 26 sen to RM20.50 and Petronas Gas 10 sen lower at RM17.38. Dialog was up two cents to RM3.38. Refiners Hengyuan fell 29 sen to RM6.27 and Petron 26 sen to RM5.48. US light crude oil fell four cents to US$47.58 and Brent seven cents to US$50.69 on a surprise gain in crude oil inventories in the United States and on persistent investor worries about demand for fuel being squeezed amid tighter lockdowns in Europe to counter the coronavirus pandemic, Reuters reported. Genting climbed 12 sen to RM4.84 and GentingM two sen to RM2.83, MISC two sen to RM2.83 and Tenaga flat at RM10.80 but Sime Darby shed four sen to RM2.29. Consumer stocks were among the top gainers, with Nestle up 90 sen to RM138.30, Carlsberg 44 sen to RM24.40, Heineken 42 sen to RM23.30 and F&N 30 sen to RM32.80. The ringgit edged up 0.01% to 4.0522 against the US dollar. On the external front, China's blue-chip index ended higher as optimism over the continued recovery in the world's second-largest economy lifted consumer stocks, offsetting weakness in the tech sector. At the close, the Shanghai Composite index ended flat at 3,366.98, while its blue-chip CSI300 index was up 0.18%. Japan's Nikkei 225 rose 0.26%, Hong Kong's Hang Seng Index 0.97%, Taiwan's Taiex jumped 1.68% and South Kprea's Kospi 0.54% whle Singapore's Straits Times Index gained 0.47%.
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