KUALA LUMPUR (March 10): The FBM KLCI extended gains today, continuing an upward trend seen since last Friday, and settled 0.93% or 15.05 points higher at 1,639.83 on market close.
Component stocks that helped lift the index were Petronas Dagangan Bhd (PetDag), Press Metal Aluminium Holdings Bhd and Maxis Bhd.
Rakuten Trade Research head of equity sales Vincent Lau said the FBM KLCI has managed to sustain its performance above 1,600 points in the past few trading days.
“The gains seen today is broad-based. A combination of better overnight performances from US indices such as the Nasdaq and Dow Jones, lower domestic Covid-19 numbers, corporate results meeting expectations — these have all contributed to the rise. It is a confluence of different factors,” Lau said while observing that recovery play is now in vogue.
In total, some 11.01 billion shares worth RM7.2 billion were traded today. Top actives included Dagang NeXchange Bhd, Saudee Group Bhd and Puncak Niaga Holdings Bhd
Top value gainers were Nestle Malaysia Bhd, PetDag and Kobay Technology Bhd, while top value losers were Carlsberg Brewery Malaysia Bhd, ViTrox Corp Bhd and KESM Industries Bhd.
Reuters reported that most emerging Asian shares climbed today following recoveries in US and Chinese equities, as falling bond yields eased concerns about surging inflation, while the outlook for global economic recovery brightened.
“US stocks rallied overnight, recouping heavy losses from the previous session as bond yields retreated and investors scooped up battered technology stocks.
"Chinese shares also bounced back from their lows in the previous session. The country's factory gate prices rose at the fastest pace since November 2018 in February, raising hopes for robust growth in the world's second-largest economy this year.
"In a further boost to shares, the OECD said on Tuesday that the global economic outlook has brightened as Covid-19 vaccine rollouts speed up and the United States launches a new stimulus package,” it noted.
The Nikkei 225 in Japan finished 0.03% or 8.62 points higher at 29.036.56, while Hong Kong's Hang Seng was 0.35% or 100 points higher at 28,873.23. However, the Shanghai Composite slipped 0.05% or 1.55 points to 3,357.74.