KUALA LUMPUR (April 8): The FBM KLCI closed higher on gains in rubber glove counters and amid expectations of improved corporate earnings.
The benchmark index finished 0.11% or 1.81 points hgher at 1,602.40.
Areca Capital chief executive officer (CEO) Danny Wong said many investors are looking forward to a recovery in corporate earnings.
“There are expectations for the second quarter through the fourth quarter of the year that there will be a year-on-year (y-o-y) increase in earnings,” he said.
Glove stocks including Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Comfort Gloves Bhd and Kossan Rubber Industries Bhd were among the day’s top gainers.
The day’s top active stocks included LKL International Bhd, Luster Industries Bhd and AT Systematization Bhd.
Top losers included consumer and financial services stocks Nestle (Malaysia) Bhd and Fraser & Neave Holdings Bhd (F&N), as well as Hong Leong Financial Group Bhd (HLFG).
Total trading volume across Bursa Malaysa was 7.6 billion shares worth RM4.9 billion.
Shares were mostly higher in Asia today, though Tokyo’s benchmark declined as reports of rising Covid-19 cases raised alarm over another setback in its recovery from the pandemic, the Associated Press reported. The Nikkei 225 fell 0.07% to 29,708.98.
Meanwhile, Hong Kong’s Hang Seng Index rose 1.16% to 29,008.07, the Shanghai Composite Index gained 0.08% to 3,482.55 and South Korea’s KOSPI was 0.19% higher at 3,143.26.-The Edge Market