KUALA LUMPUR (March 18): The FBM KLCI closed slightly higher today in line with regional advances after the US Federal Reserve (Fed) decided to maintain its interest rates.
The benchmark index closed 0.19% higher or 3.02 points up at 1,627.99 after staying in positive territory for the entire trading session.
Areca Capital Sdn Bhd chief executive officer (CEO) Danny Wong Teck Meng said the KLCI’s rise was also due to a rebound in technology stocks on bargain hunting and buying interest in recovery-themed play stocks, including in the banking and gaming sectors.
“Foreign funds which made a comeback to the local bourse since last week also contributed to the positive performance of the KLCI today,” he told The Edge.
Stocks that boosted the KLCI included Genting Bhd, Genting Malaysia Bhd (GenM) and Hap Seng Consolidated Bhd.
Gains were also seen in index-linked banking stocks, including Public Bank Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd (Maybank) and Hong Leong Financial Group Bhd (HLFG).
Bursa Malaysia’s Technology Index, which tracks share prices of semiconductor manufacturers, among others, gained the most in percentage terms, closing 2.5% higher at 84.43.
Technology counters that saw significant gains were Malaysian Pacific Industries Bhd (MPI), Unisem (M) Bhd, D&O Green Technologies Bhd, Greatech Technology Bhd and ViTrox Corp Bhd.
Glove stocks such as Top Glove Corp Bhd, Supermax Corp Bhd and Comfort Gloves Bhd, on the other hand, closed lower.
A total of 9.16 billion shares were traded on Bursa, up 27.7% compared with 12.67 billion shares yesterday. Trading value was slightly higher at RM4.84 billion versus RM4.73 billion
There were 634 gainers and 611 losers, while 415 counters were unchanged.
Datasonic Group Bhd topped the active list, with 458.35 million shares traded. It closed down eight sen or 12.5% at 56 sen.
This was followed by Pegasus Heights Bhd, LKL International Bhd, Scomi Group Bhd, Borneo Oil Bhd and AirAsia X Bhd (AAX).
Elsewhere in Asia, Japan's Nikkei 225 rose 1.01%, while South Korea's KOSPI gained 0.61%. Hong Kong’s Hang Seng Index advanced 1.28%, while the Shanghai Stock Exchange Composite Index closed up 0.51%.