Malaysia’s market opens steady as glove makers gain

KUALA LUMPUR 20 July - FBM KLCI steadily opened at 1,604.09 as of 9.05 am, rose 7.76 index points today.

It is following the lift in glove makers’ markets as a report on Malaysia's glove industry undeterred by US detention emerged.

Last Friday, the FBM KLCI closed 23.0 points or 1.46% higher to 1,596.3 led by rubber glove manufacturers TOPGLOV and HARTA.

Rakuten Trade Sdn. Bhd. in its daily report highlighted, the positive reversal of rubber glove players performance helped push the FBM KLCI closer to the 1,600 mark again.

“We believe the index may test the 1,610 level today as optimism returns,” it said.

Despite the gain in local markets, however, the regional market seems mixed.

“Following a rebound spearheaded by China, we reckon regional markets to be rather mixed today in the absence of strong catalysts,” the report by Rakuten remarked.

According to Reuters, Asian shares began warily today as investors eyed efforts to stitch together more fiscal stimulus in the eurozone and United States to help economies ride out the effects of a record jump in COVID-19 cases globally.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat at 541.49, with Australian shares down 0.3% and South Korea’s KOSPI just a shade higher. - DagangNews.com