KLCI up 0.53% on bullish Wall Street, modest regional gains

KLCI up 0.53% on bullish Wall Street, modest regional gains
-A +A

KUALA LUMPUR (May 21): The FBM KLCI rose 0.53% at mid-morning as regional markets notched up modest gains, riding on the bullish overnight close at Wall Street.

At 10am, the FBM KLCI rose 7.68 points to 1,442.80.

Gainers led losers by 470 to 273, while 337 counters traded unchanged. Trading volume was 2.01 billion shares valued at RM1.13 billion.

Glove makers continued to be in fashion, as Top Glove Corp Bhd, Supermax Corp Bhd, Comfort Gloves Bhd, Kossan Rubber Industries Bhd and Hartalega Holdings Bhd led the gainers with Petronas Gas Bhd and Dutch Lady Milk Industries Bhd in tow.

The actives included Velesto Energy Bhd, Careplus Group Bhd, Sapura Energy Bhd, Comfort Gloves, KNM Group Bhd, Alam Maritim Resources Bhd, Bumi Armada Bhd and IFCA MSC Bhd.

The decliners included Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, Far East Holdings Bhd, Allianz Malaysia Bhd, Telekom Malaysia Bhd, Nestle (M) Bhd and IHH Healthcare Bhd.

Bloomberg said Asian stocks opened modestly in the green as investors weighed signs of economies continuing to reopen against the need for further stimulus down the road.

The US dollar ticked higher, it said.

Hong Leong IB Research said it expects a two-tier market to prevail as the KLCI is expected to exhibit strength to advance further to test 1,450-1,460 levels, supported by the bullish triangle breakout and positive daily and weekly technicals.

“Nevertheless, small cap and lower liners are likely to witness further sideways consolidation and declining participation ahead of the long Hari Raya holidays (Bursa will be closed on May 25-26) and ongoing results season,” it said.