KLCI advances for third straight day as Hartalega, banks lift

KLCI advances for third straight day as Hartalega, banks lift
-A +A

KUALA LUMPUR (Sept 15): The FBM KLCI marked its third consecutive trading day of gains today, lifted in particular by advances at Hartalega Holdings Bhd and banking stocks.

The benchmark index settled 1.32% or 19.92 points higher at 1,531.28 on market close, after trading between 1,503.19 and 1,532.04 throughout the day.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the gains seen in the local bourse was driven mainly by Hartalega, after the group told shareholders of its positive prospects during the annual general meeting held earlier today.  Among the 30 constituents of the FBM KLCI, Hartalega led the gainers with an increase of 8.46% or RM1.10 to close at RM14.10.

Banking stocks also contributed to the KLCI's advancement, Leong said, as their share prices climbed while the market turned more optimistic on bank borrowings. The expectation is that fewer borrowers would default on their loan repayments once the loan moratorium comes to an end this month, compared with prior assumptions, he said, as most industries have resumed their activities.

Public Bank Bhd shares closed 66 sen or 4.411% higher at RM16.70, Hong Leong Financial Group Bhd settled 24 sen or 1.75% higher at RM13.92, while Malayan Banking Bhd or Maybank closed 22 sen or 3.02% higher at RM7.50.  

Overall, the market breadth was positive with gainers outpacing decliners at 561 versus 417. Total volume stood at 8.85 billion shares worth RM5.45 billion.

All the sectoral indices were positive, except for the REIT and FBM Small Cap Indexes, which fell 0.25% and 0.04% respectively.

Across Asia, Japan's Nikkei 225 shed 0.44%, while South Korea's Kospi gained 0.65%. In China, the Hong Kong Hang Seng Index climbed 0.38%, while the Shanghai Stock Exchange Composite Index closed up 0.51%.

Reuters reported Asian equities advanced on Tuesday, while the dollar slipped, with investor sentiment supported by Chinese data and optimism about Covid-19 vaccines.

Tan Choe Choe