CEO Morning Brief

KLCI Semi-annual Review: AMMB, QL to Replace Top Glove, Hartalega

Publish date: Fri, 02 Dec 2022, 09:28 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Dec 1): AMMB Holdings Bhd and QL Resources Bhd will be included in the FBM KLCI 30-stock benchmark index come Dec 19, replacing Top Glove Corp Bhd and Hartalega Holdings Bhd, whose shares have been under selling pressure in most of 2021 and this year as threat of Covid-19 subsides amid rising vaccination rates globally.

This year alone, the two glovemakers' share prices have fallen by almost 70%.

Top Glove closed 2.5 sen or 2.9% lower at RM84.5 sen per share on Thursday, valuing it at RM6.94 billion, while Hartalega settled seven sen or 4.0% lower at RM1.66 per share, giving it a market capitalisation of RM5.69 billion.

Shares of AMMB, on the other hand, have climbed 34% year-to-date, while poultry group QL Resources rose 23% over the same period.

AMMB closed three sen or 0.7% higher at RM4.20 per share on Thursday, giving it market capitalisation of RM13.92 billion, while QL Resources rose three sen or 0.5% to RM5.60, valuing it at RM13.63 billion.

Bursa Malaysia also updated that the FBM KLCI reserve list, comprising the five highest-ranking non-constituents of the index by market capitalisation, will be Fraser & Neave Holdings Bhd, Gamuda Bhd, Malaysia Airports Holdings Bhd (MAHB), TIME dotCom Bhd, and Westports Holdings Bhd.

The reserve list will be used if one or more constituents are deleted from the FTSE Bursa Malaysia KLCI in accordance with the index ground rules prior to the next semi-annual review, which will take place in June 2023.

Constituent changes to FBM Mid 70 Index and FBM Hijrah Shariah Index

Other than the KLCI, the stock exchange operator said there will also be 11 constituent changes to the FBM Mid 70 Index, and three to the FBM Hijrah Shariah Index.

New inclusions into the FBM Mid 70 Index are: Top Glove, Hartalega, Affin Bank Bhd, Berjaya Food Bhd, Dayang Enterprise Holdings Bhd, Heineken Malaysia Bhd, Hextar Technologies Solutions Bhd, Hong Leong Capital Bhd, PMB Technology Bhd, Uchi Technologies Bhd, and United Plantations Bhd.

These stocks will replace AMMB, QL Resources, AEON Credit Services (M) Bhd, Carlsberg Brewery Malaysia Bhd, Dufu Technology Corp Bhd, Genting Plantations Bhd, GHL Systems Bhd, Leong Hup International Bhd, Sports Toto Bhd, Sunway Bhd, and UMW Holdings Bhd.

As for the FBM Hijrah Shariah Index, Inari Amertron Bhd, MAHB and Press Metal Aluminium Holdings Bhd will replace Genting Plantations, PPB Group Bhd and Sunway.

The changes to the FBM Mid 70 Index and FBM Hijrah Shariah Index will also take effect on Dec 19.

Source: TheEdge - 2 Dec 2022

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