KLCI higher on bargain-hunting, institutional support

KLCI higher on bargain-hunting, institutional support
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KUALA LUMPUR (Oct 8): The local stock market's main index, the FBM KLCI, continued to be on an uptrend at mid-afternoon, in line with the underlying positive sentiment that drove bargain-hunting.

At 3pm, the benchmark index gained 11.55 points to 1,501.11 from the previous close of 1,486.56.

However, on the broader market, losers pipped gainers by 463 to 424 with 426 counters unchanged, 834 untraded, and 28 suspended.

Total volume stood at 3.9 billion units worth RM1.88 billion.

An analyst said the majority of transactions that had occurred so far today were driven mostly by institutional investors to support the FBM KLCI.  

The heavyweight counters showed encouraging performances as Malayan Banking Bhd rose eight sen to RM7.18, Tenaga Nasional Bhd added four sen to RM10.28, Petronas Chemicals Group Bhd jumped 20 sen to RM5.90, and Public Bank Bhd was four sen higher at RM15.62.

As for the top gainers, consumer stocks continued to lead, with Nestle (Malaysia) Bhd increasing 90 sen to RM139.40, Ajinomoto (Malaysia) Bhd adding 30 sen to RM15.62, PPB Group Bhd rising 32 sen to RM18.82, and Fraser & Neave Holdings Bhd inching up 50 sen to RM32.50.

On the index board, the FBM Emas index surged 66.94 points to 10,855.25 and the FBM Emas Shariah index was 71.64 points higher at 12,973.76.

The FBM 70 gained 37.45 points to 14,310.25, the FBMT 100 index strengthened 68.26 points to 10,675.8 and the FBM ACE leapt 54.96 points to 10,556.96.

Sector-wise, the Financial Services index was 87.67 points higher at 12,390.81, the Plantation index added 86.11 points to 6,973.66 and the Industrial Products and Services index was 1.9 points stronger at 139.79.