KLCI up on bargain hunting; Lotte rises

KLCI up on bargain hunting; Lotte rises
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KUALA LUMPUR (Aug 14): The FBM KLCI rose 4.12 points or 0.2% on bargain hunting and as Asian shares climbed with US stock futures. Global shares gained today following US equities' advance last Friday.
At 5pm today, the KLCI closed at 1,771.08 points. Across Asia, Hong Kong's Hang Seng added 1.36% while South Korea's Kospi climbed 0.63%.

"The KLCI has rebounded after the decline in the past few days, led by technology stocks and industrial stocks. This has been partly due to the weakness of the ringgit, which is perceived to be positive for stocks in these sectors," Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com

Last Friday, the KLCI fell 10.81 points to close at 1,766.96 points.

Reuters reported that the three major US stocks indexes ended higher on Friday, snapping three days of losses, as investors bet on slower US rate hikes, but gains were muted by increasingly aggressive exchanges between the United States and North Korea.

Today, Reuters reported that Asian stocks bounced on Monday after three straight losing sessions, tracking a firmer Wall Street, while the dollar was capped by tensions on the Korean peninsula and doubts that the Federal Reserve will hike interest rates again this year. US stock futures rose 0.3 percent, suggesting a higher open later in the day.

Across Bursa Malaysia, 1.53 billion shares worth RM1.7 billion were traded. There were 483 gainers and 290 decliners.

Lotte Chemical Titan Holding Bhd rose 34 sen to RM4.70 to become the
third-largest gainer after JPMorgan Chase & Co and HSBC initiated coverage on the stock.

Bloomberg reported that JPMorgan had a RM7 target price (TP) for
Lotte Chemical Titan shares with an "overweight" call. It was reported that HSBC had a RM7.60 TP with a "buy" call for Lotte Chemical Titan.