FBM KLCI ends 0.29% higher, buoyed by political stability

FBM KLCI ends 0.29% higher, buoyed by political stability
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KUALA LUMPUR (Aug 23): The FBM KLCI extended its gains for a second trading day on Monday as investors cheered the stability of the political landscape following the appointment of the new prime minister, Datuk Seri Ismail Sabri Yaakob. 

At 5pm, the benchmark index closed up 4.4 points or 0.29% at 1,522.43, after trading between 1,519.53 and 1,524.86.  

Genting Malaysia Bhd, which added 3.24% or nine sen to close at RM2.87; Genting Bhd, which rose 1.69% or eight sen to end at RM4.82; and Press Metal Aluminium Holdings Bhd, which closed up 1.43% or seven sen to RM4.95, were among the heavyweight stocks that led the gains today.

Index-linked banking stocks — CIMB Group Holdings Bhd, Malayan Banking Bhd, RHB Bank Bhd, Public Bank Bhd and Hong Leong Bank Bhd — also contributed to the gains for the benchmark index.

Remisier Jeffry Azizi Jaafar said the KLCI continued its Friday’s uptrend today, driven by positive sentiment as the market took its cue from Ismail Sabri's appointment as Malaysia's third premier in three years.

“The market also reacted positively given that more economic sectors are allowed to operate now, coupled with the recovery theme play also in focus, which drove the market to end higher today,” he added.

Market breadth was positive with gainers outpacing losers 567 to 403, while 440 counters were unchanged. Turnover stood at 4.21 billion shares worth RM2.14 billion, higher compared to 3.68 billion shares worth RM1.89 billion reported last Friday (Aug 20).  

The top gainers were Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Sam Engineering & Equipment (M) Bhd, Genetec Technology Bhd, Malaysia Airports Holdings Bhd, C.I. Holdings Bhd, BP Plastics Holdings Bhd, Kobay Technology Bhd and Unisem (M) Bhd.

Among notable top losers of the day were Nestle (M) Bhd, Advance Information Marketing Bhd, Computer Forms (M) Bhd, Allianz Malaysia Bhd, Aeon Credit Service (M) Bhd and Yinson Holdings Bhd.

Meanwhile, top active stocks included MMAG Holdings Bhd, Fintec Global Bhd, Avillion Bhd, Vsolar Group Bhd, Scope Industries Bhd, Advance Synergy Bhd, Advance Information Marketing, Destini Bhd, KNM Group Bhd and Impiana Hotels Bhd.

Associated Press reported that Asian shares rose Monday as investor sentiment received a big boost from the rally last week on Wall Street, despite concerns over the more contagious coronavirus delta variant, not only in the region but across the world.

Elsewhere in Asia, Japan's Nikkei 225 rose 1.78%, South Korea's Kospi advanced 0.97%. In China, Hong Kong’s Hang Seng Index climbed 1.05% and the Shanghai Stock Exchange Composite Index closed up 1.45%.

Lam Jian Wyn