KLCI up 0.59% as Public Bank, Maybank lift

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KUALA LUMPUR (June 1): The FBM KLCI rose 0.59% at mid-morning today and crossed the 1,750-point threshold, lifted by gains including at Public Bank Bhd and Malayan Banking Bhd.

At 10am, the FBM KLCI rose 10.38 points to 1,751.00.

Gainers led losers by 339 to 235, while 273 counters traded unchanged. Volume was 851.51 million shares valued at  RM431.25 million.

Gainers included Perusahaan Sadur Timah Malaysia Bhd, Time Dotcom Bhd, Malaysia Airports Holdings Bhd, Heineken Malaysia Bhd, Public Bank Bhd, Malayan Banking Bhd, Hengyuan Refining Company Bhd, Top Glove Corp Bhd, Supermax Corp Bhd and Opcom Holdings Bhd.

The actives included Sapura Energy Bhd, My E.G. Services Bhd, Trive Property Group Bhd, Opcom, Eden Inc Bhd, EA Holdings Bhd and Advance Synergy Bhd.

The decliners included KESM Industries Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Aeon Credit Service (M) Bhd, PPB Group Bhd and Kossan Rubber Industries Bhd.

Asian equities sagged on Friday as worries about U.S. trade policy hit global financial markets, which were already shaken this week by political turmoil in Italy, according to Reuters.

Wall Street shares posted deep losses overnight after the United States said it would impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union, it said.

Hong Long IB Research in a traders’ brief said in the U.S., the market uncertainties could persist over the near term with the fresh developments of the trade war and we may expect US and its trading partners may have extended retaliatory actions.

“Also, traders may focus on the upcoming FOMC meeting (12-13 June) to understand the interest rates outlook for 2018.

“On the local bourse, we think the recent rebound may attract profit taking activities across the board amid uncertain market environment.

“Traders may focus on stocks that are related to the MSCI and FBM KLCI rebalancing activities as well as severely oversold counters for a short trade,” it said.