Tuesday, September 14, 2010

Glove makers advance in early trade

KUALA LUMPUR: Glove makers, which were recently sold down, regained their upward momentum with Top Glove and Adventa among the gainers.

At 9.03am, Top Glove was up seven sen to RM6.07 while Adventa added six sen to RM2.71.

Sentiment in glove makers perked up in line with the firmer overall market as the FBM KLCI climbed 2.06 points to 1,459.02. Turnover was 21.31 million shares valued at RM32.82 million. There were 129 gainers, 26 losers and 75 stocks unchanged.

Over the past month, glovemakers have been in the spotlight for the past month, as investors began to raise concerns on the various challenges faced by the sector.

These include the risk of overcapacity, record-high latex prices, the appreciation of the ringgit and a potential cut in gas subsidies.

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