Thursday 28 Mar 2024
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KUALA LUMPUR: Asian markets, including Bursa Malaysia, staged a rebound on June 24, registering gains of more than 2% as they expected the US Federal Reserve to maintain interest rates at a record low.

A positive report from the Organisation for Economic Cooperation and Development (OECD) also raised investors’ hopes. The OECD raised its forecast for the economy of its 30-member nations for the first time in two years as it expected the US slump to ease.

The slowdown in OECD economies is reaching the bottom following the deepest decline in more than 60 years, said the organisation’s latest Economic Outlook. But recovery is likely to be weak and fragile, and the economic and social damage caused by the crisis will be long-lasting, it added.

Among key regional markets, Singapore’s Straits Times Index was the top performer, rising 2.37% to 2,278.96, Hong Kong’s Hang Seng Index jumped 2.02% to 17,892.15, the Shanghai Composite Index gained 1.02% to 2,922.30, and Japan’s Nikkei 225 rose 0.43% to 9,590.32.

European markets also opened on a firmer footing after the OECD report.

At Bursa Malaysia, the Kuala Lumpur Composite Index (KLCI) gained 1.28% or 13.37 points to 1,057.85, snapping its two-day losing streak. Turnover was 1.35 billion shares valued at RM1.34 billion. Market breadth was positive with advancing stocks beating declining ones by five to one.

Blue chips were the major gainers, among them Genting Bhd, Malayan Banking Bhd, Tenaga Nasional Bhd, IOI Corporation Bhd, Sime Darby Bhd and Public Bank Bhd.

Crude palm oil futures fell RM43 to RM2,255 per tonne for August delivery and was down RM36 to RM2,250 per tonne for September. Light crude oil fell 49 cents to US$68.75 a barrel.

The ringgit was firmer against the US dollar and was quoted at 3.5350 at 5pm versus 3.5450 on June 23.

Genting was up 30 sen to RM5.70, Maybank and Tenaga added 15 sen each to RM5.75 and RM7.55, IOI Corp gained 10 sen to RM4.62 while Sime Darby and Public Bank gained five sen each to RM6.80 and RM8.80, respectively.

Nestle (M) Bhd rose 25 sen to RM31.25, Allianz Malaysia Bhd added 24 sen to RM4.12, KFC Holdings (M) Bhd and LPI Capital Bhd gained 20 sen each to RM6.90 and RM11, while Golden Plus Holdings Bhd went up 16.5 sen to 86 sen.

Bumiputra-Commerce Holdings Bhd and KNM Group Bhd added five sen each to RM8.80 and 85.5 sen, respectively. KNM saw 84.66 million shares done.

Among the major losers, TAHPS Group Bhd fell 30 sen to RM2.80, PPB Group Bhd 20 sen to RM11.10, MISC Bhd 10 sen to RM8.60 and Malaysian Airline System Bhd eight sen to RM3.10.

British American Tobacco (M) Bhd lost 25 sen to RM43.50, Tan Chong Motor Holdings Bhd 19 sen to RM1.71, Yee Lee Corporation Bhd 14 sen to RM1.36, Ta Ann Holdings Bhd 12 sen to RM4.02 and Lingkaran Trans Kota Holdings Bhd 11 sen to RM2.47.

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