FBM KLCI higher on bargain hunting, earnings cue

FBM KLCI higher on bargain hunting, earnings cue
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KUALA LUMPUR (Aug 22): The FBM KLCI closed 2.6 points or 0.1% higher on bargain hunting and as the market reacted to Malaysia's ongoing corporate financial-reporting season.

At 5pm, the KLCI settled at 1,774.22 points. Investors bargain hunted for local shares after the index fell 4.6 points to 1,771.62 points yesterday.

Today, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com : “Overall market sentiment is still mixed, but the [KLCI] likely recouped its losses from yesterday due to its reaction to the earnings season.”

Malaysia's April-June quarter corporate financial-reporting season starts in July, although most companies report their earnings in August.

Today, Bursa Malaysia saw 392 gainers compared with 364 decliners. A total of 1.77 billion shares valued at RM1.89 billion were traded.

Top gainer was KESM Industries Bhd while Mlabs Systems Bhd was the
top-active counter. Pong said penny stocks' performance was a good barometer for retail investors' sentiment.

Across Asian share markets, Japan’s Nikkei 225 fell 0.05% while Hong Kong’s Hang Seng rose 0.91%. South Korea's Kospi added 0.44%.

Reuters reported that Asian shares rose on Tuesday after modest gains on Wall Street, while robust metals prices underpinned some regional markets even as investors remained wary ahead of the annual central banking conference in Jackson Hole later this week.