KUALA LUMPUR: Strong following of glove stocks powered the FBM KLCI above the critical 1,600 level on Monday, a level last seen in January this year. The benchmarked index rose 14.59 points, or 0.92% to 1,606.43, its highest since early January. The index opened 4.56 points higher at 1,596.40 this morning. Year-to-date, the FBM KLCI has appreciated some 1.11%. According to Bloomberg, it is currently trading a price-to-earnings ratio of 20.8 times on a trailing basis and 21.1 times estimated earnings of its members for the coming year. There were 576 decliners, 499 gainers and 388 unchanged counters. Total volume stood at 9.55 billion units valued at RM5.7bil. In today's session, 14 of the KLCI-component stocks were traded higher, 14 counters fell while the remaining closed unchanged. The 30 component stocks have a total market capitalisation of RM1.02 trillion. Dealers said the focus on rubber glove manufacturers was unabated as the counter get a price-target boost from analysts. Top Glove, the world,
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