KUALA LUMPUR (July 18): MMAG Holdings Bhd emerged as Bursa Malaysia's most active stock on Monday (July 18, 2022) after the logistics company's share trade volume spiked above 300 million for the first time in about 11 months from less than one million on Friday (July 15, 2022).

At 5pm on Monday (July 18, 2022), MMAG's share-trade volume closed at 327.35 million from 830,000 on Friday (July 15, 2022).

On Monday, MMAG's share price ended up 0.5 sen or 10% at 5.5 sen after the stock was transacted at between five sen and 8.5 sen.

At 327.35 million shares, MMAG's share-trade volume spiked above 300 million for the first time in about 11 months since Aug 23, 2021 when the figure closed at 388.5 million.

On Monday, MMAG's closing share price of 5.5 sen gives the company a market value of about RM93.5 million based on the company's latest reported number of issued shares of 1.7 billion.

Across Bursa, MMAG was also the 13th most-liquid stock, after the stock clinched the 13th spot on Bursa's turnover list.

Top Glove Corp Bhd, the world's largest rubber glove manufacturer by production capacity, led Bursa's turnover list. Top Glove, which registered a share trade volume of 72.07 million, saw its share price settle up 4.5 sen or 4.52% at RM1.04.

Top Glove, which was Bursa's fourth most-active stock, traded between RM1 and RM1.06 on Monday.

MMAG's wholly-owned sub-subsidiary MMAG Digital Sdn Bhd is selling the group's land in Selangor.

On July 5, 2022, MMAG said in a Bursa filing that MMAG Digital was selling the group's 0.48-hectare (4,777-square-metre) freehold land within Bandar Glenmarie in Selangor to KGW Logistics (M) Sdn Bhd for RM20.2 million.

MMAG said the planned disposal is viewed positively to provide a timely opportunity for MMAG to immediately unlock the value and monetise its investment in the property while at the same time improve the cash flow of MMAG and reduce the group's dependency on borrowings.

"The proceeds received from the disposal could fund MMAG Group's existing businesses and/or any future prospective businesses. Barring any unforeseen circumstances, the disposal is expected to be completed in the fourth quarter of calendar year 2022," MMAG said.

FBM KLCI and Bursa Health Care index constituent Top Glove was closely watched as a beneficiary of the Covid-19 outbreak as demand for rubber gloves, seen as a crucial component of personal protective equipment, surged to curb the global spread of Covid-19.

However, Covid-19-driven demand for gloves is now seen normalising as global vaccination progress leads to anticipation that the Covid-19 outbreak can be curbed.

Such sentiment is reflected in Top Glove's share price, which has been adjusted for its two-for-one bonus share issue under which about 5.4 billion new shares were listed and quoted on Bursa and the Singapore Exchange on Sept 7, 2020, according to the company's Bursa filing on that day.

On Monday (July 18, 2022), MIDF Amanah Investment Bank Bhd's research team wrote in a note that MIDF has an end-2022 target price of RM1.03 for Top Glove shares, the current KLCI weightage of which stood at 1.2%.

"In view of Malaysia's relatively resilient macro as well as earnings fundamentals, the KLCI is expected to resume upward trajectory towards 1,600-point level by end of this year.

"Insofar as the anticipated recovery in [the] KLCI, the biggest contribution [by end-2022] is expected from Public Bank [Bhd] at 25.5 points and the smallest from Top Glove at 0.2 point. It is also of note that Public Bank has the biggest index weightage [at 14.2%] among all KLCI constituents," MIDF said.

At 5pm on Monday (July 18, 2022), the KLCI closed up 11.1 points or 0.78% at its intraday high of 1,429.54.

The KLCI was traded between 1,416.71 and 1,429.54 on Monday.