2 days Ago
KUALA LUMPUR: Investors sought direction on the domestic market after a mixed performance on Wall Street overnight, although healthcare stocks remained bullish following the recent announcement of new US tariffs on Chinese imports. The market remained muted as the US Federal Reserve is slated to announce an interest rate cut later this week, although observers continue to wager over the depth and scope of the reduction. The benchmark FBM KLCI opened on a flat note, just 0.
05 points higher at 1,664.33 after surging yesterday on the back of bank and healthcare counters. Top Glove, which soared to the top of the most actively traded list, dropped six sen to RM1.
08 after jumping 25% yesterday on news that US import levies on Chinese glove manufacturers have been doubled. Other leading glove makers also saw profit-taking with Supermax dropping 1.5 sen to 91.
5 sen, Hartalega shedding three sen to RM3.11, Kossan falling 12 sen to RM2.13 and Careplus dropping one sen to RM29.
5 sen. Malacca Securities Research said it expects continued focus on the healthcare sector with the higher US tariffs benefiting local glove manufacturers, and Malaysia's first Mpox case boosting trading in glove and hospital stocks. "Given the strong ringgit, we favour sectors like consumer, utilities, financials, and automotive.
"Additionally, we believe ongoing data centre projects will benefit the Construction sector, while the Johor-Singapore Special Economic Zone should provide a boost to the Property sector," said the research firm in a note..
