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Singapore Investment


Quick take: Glove counters heavily traded on Friday morning

KUALA LUMPUR: Glove counters emerged as the most active on Friday as Top Glove Corp Bhd, Careplus Group Bhd, HLT Global Bhd and Supermax Corp Bhd were heavily traded.

At 9.44 am, Bursa Malaysia's Health Care Index rose 24.5 points or 1.47% to 1,693.4 points. All indices on Bursa Malaysia were down.

Shares in glove makers advanced against the backdrop of a spike in Covid-19 infections in China.

Top Glove saw 27.41 million shares traded. The counter climbed 3.5 sen to 79 sen.

Careplus added three sen to 45.5 sen with 18.42 million shares done while HLT gained 2.5 sen to 24.5 sen with 9.81 million shares traded.

Supermax climbed four sen to 83 sen with 7.35 million shares done and Hartalega added three sen to RM1.70 with 4.82 million shares changed hands.

TA Securities said Supermax will need to climb above the 200-day MA (87sen) convincingly to fuel further upside momentum towards 96 sen and RM1.07 ahead, while the lower Bollinger band (71sen) limits downside risk.

“Top Glove needs a confirmed breakout above the 100-day ma (80sen) to boost upside momentum and target 90sen and RM1.00 going forward, with downside risk cushioned by the lower Bollinger band (66sen),” it said.


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