KLCI rises for second day, glove stocks rally


KUALA LUMPUR: The FBM KLCI remained positive at the midday break amid signs of growing momentum following the previous day's close above the 1,600 key resistance.

At 12.30pm, the main index was up 4.62 points to 1,611.58, ahead of the year-end window-dressing activities and as foreign funds return to the region. The index stayed mostly in positive territory during the morning session, moving within a nine-point band of 1,606.53 and 1,615.15.

There was also buying interest in the lower liners with 608 stocks on Bursa Malaysia recording gains, while 357 registered declines.

The share turnover was 2.28 billion changing hands for RM1.55bil.

There was some caution in key Asian markets after martial low was briefly imposed in South Korea, and just as quickly lifted, as public dissatisfaction grew over the sitting administration.

South Korea's Kospi index was down 1.66% to 2,457 following what observers say was the country's biggest political crisis in decades.

Japan's Nikkei was a fraction lower at 39,224, while China's composite index slid 0.01% to 3,376.

Hong Kong's Hang Seng edged 0.1% higher to 19,762 and Singapore's Straits Times gained 0.39% to 3,800.

On Bursa Malaysia, glove makers were among the day's biggest gainers, as US trade tariffs on Chinese exports are expected to benefit the sector.

Top Glove rose six sen to RM1.23, Hartalega gained 15 sen to RM3.72 and Kossan climbed eight sne to RM2.54.

Other notable gainers included Nestle up 90 sen to RM98, Pentamaster rising 62 sen to RM4.07 and MPI gaining 38 sen to RM24.92.

Of actives, Zentech was flat at one sen, Reservoir Link rose three sen to 37 sen and Cape EMS added 0.5 sen to 38 sen.

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