Bursa wraps up the week higher by jumping nearly 1pct

 Publish date: Fri, 11 Sep 2020, 6:28 PM

KUALA LUMPUR: Bursa Malaysia wrapped up the week higher by rebounding nearly one per cent at the close, entirely supported by Top Glove and Hartalega, as bargain hunters flocked to the two stocks after prices dipped significantly from earlier this week on heavy profit-taking.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 14.73 points, or 0.99 per cent, to 1,504.85 from Thursday's close of 1,490.12.
The key index opened 3.89 points easier at 1,486.23 and hovered between 1,477.47 and 1,505.89 throughout the day.
Of the 30 FBM KLCI counters, only Top Glove and Hartalega were in the black, soaring RM1.31 to RM7.76 and 56 sen to RM12.44, respectively.
For the remaining 28 heavyweights, six were unchanged while 22 were in the red, including Maybank which slipped five sen to RM7.45, Tenaga which lost eight sen to RM11.42 and Public Bank which was 10 sen weaker at RM16.08.
Apart from Top Glove and Hartalega, other glove counters also staged a strong comeback, dominating the top gainers list.
The list includes top gainer Supermax, which soared RM1.40 to RM7.50, as well as Rubberex and Kossan which garnered 98 sen to RM5.28 and RM10.68 respectively.
The spike in glove counters across the board also lifted the Healthcare Index by 287.72 points to 3,432.92.
Rakuten Trade Sdn Bhd research vice-president Vincent Low attributed the market's performance to the resurgence of bargain hunters in glove counters following the recent sell-offs.
"Glove counters have been oversold over the past week, that is why bargain hunters emerged and lifted the KLCI higher," he told Bernama, adding that today's performance was within the brokerage firm's expectation.
On the broader market, market breadth was positive with gainers trumping losers 701 to 296, while 620 counters were unchanged, 429 untraded and 33 others suspended.
Total volume narrowed to 7.68 billion shares worth RM6.49 billion compared with 8.40 billion shares worth RM5.48 billion on Thursday.
 - Bernama
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