Friday 29 Mar 2024
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KUALA LUMPUR (April 5): The FBM KLCI jumped 1.02% at the midday break today, in tandem with regional gains while the technology index rose 3.99% as investor sentiment improved across the region.

At 12.30pm, the FBM KLCI rose 18.62 points to 1,834.56. The index had earlier risen to a high of 1,838.81.

Gainers led losers by 470 to 187, while 586 counters traded unchanged. Volume was 1.29 billion shares valued at RM898.59 million.

The gainers included Hong Leong Financial Group Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Heineken Malaysia Bhd, Hong Leong Bank Bhd, Hengyuan Refining Co Bhd, Petron Malaysia Refining & Marketing Bhd, Top Glove Corp Bhd, Muhibbah Engineering (M) Bhd, Hong Leong Industries Bhd and Lotte Chemical Titan Holding Bhd.

The actives included SKH Consortium Bhd, Sapura Energy Bhd, Borneo Oil Bhd, Hibiscus Petroleum Bhd, UMW Oil & Gas Corp Bhd, PUC Bhd, Berjaya Corp Bhd and Nexgram Holdings Bhd.

The losers included British American Tobacco (M) Bhd, PPB Group Bhd, Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Bertam Alliance Bhd, Malaysia Airports Holdings Bhd and Serba Dinamik Holdings Bhd.

Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world's two biggest economies can be averted, according to Reuters.

Sentiment was lifted as the United States expressed willingness to negotiate a resolution to the trade fight after the proposed US tariffs on US$50 billion in Chinese goods prompted a quick response from Beijing that it would retaliate by targeting key American imports, it said.

Affin Hwang Capital Research said that for the local market, yesterday's sharp correction was perceived as very healthy, given earlier overbought and exhausted condition of the FBM KLCI index.

"Underlying sentiments in the local market remain upbeat with the upcoming 'GE14' despite rebalancing exercises of stocks in Bursa Malaysia.

"Quality stocks expected to continue to be the focus of smart investors," it said.

 

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