KLCI snaps four-day losing streak on bargain hunting

KLCI snaps four-day losing streak on bargain hunting
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KUALA LUMPUR (Dec 23): The FBM KLCI snapped a four-day losing streak on bargain hunting today, in line with gains in regional markets.

The index ended the day 0.95% or 15.58 points higher at 1,647.5, reversing almost all of yesterday’s losses.

After opening 0.37 points lower at 1,631.55, the KLCI declined further to 1,627.53 before rebounding to positive territory as bargain-hunting emerged. 

MIDF's head of research Imran Yassin Md Yusof said the market was calmer today after the knee-jerk reaction to news of a new more transmissible variant of the Covid-19 virus in the UK, which had dented market sentiment globally.

The KLCI’s recovery today was mainly due to bargain hunting, he told theedgemarkets.com when contacted.

On the broader market, 841 counters finished higher versus 349 losers, while 446 others were unchanged. 

A total of 6.31 billion securities worth RM3.41 billion were traded, which is lower compared with 7.84 billion securities traded at a total value of RM4.12 billion yesterday.

Heavyweights that helped push up the KLCI today included Genting Bhd (up 22 sen or 5.1% at RM4.53) and Genting Malaysia Bhd (up eight sen or 3.07% at RM2.69).

Index-linked banking stocks also rose after declining yesterday. CIMB Group Holdings Bhd gained nine sen or 2.18% to RM4.21, RHB Bank Bhd rose six sen or 1.11% to RM5.46, Malayan Banking Bhd added nine sen or 1.07% to RM8.49, Public Bank Bhd climbed 14 sen or 0.68% to RM20.60 and Hong Leong Bank Bhd increased four sen or 0.22% to RM18.52.

The day’s top gainers were Hengyuan Refining Co Bhd, KPower Bhd, Carlsberg Brewery Malaysia Bhd and Greatech Technology Bhd.

The top decliner was KESM Industries Bhd, which fell 98 sen or 7.38% to RM12.30. Other decliners included Petronas Gas Bhd (down 18 sen or 1.03% to RM17.30) and Supermax Corp Bhd (down 13 sen or 1.84% to RM6.92).

The actives list was led by Techna-X Bhd (formerly known as Sino Hua-An International Bhd) for the second day running. It closed up half a sen at 15 sen. 

Other actively-traded stocks included FGV Holdings Bhd, Jiankun International Bhd, AirAsia X Bhd, Scope Industries Bhd, Lion Industries Bhd, WMG Holdings Bhd and Bintai Kinden Corp Bhd.

Elsewhere in Asia, Japan's Nikkei 225 rose 0.33%, while Seoul's Kospi gained 0.96%. In China, Hong Kong’s Hang Seng Index climbed 0.86% while the Shanghai Stock Exchange Composite Index closed up 0.76%.

CNBC reported that stocks in Asia were higher despite US President Donald Trump expressing concerns with the new Covid-19 relief package.

S Kanagaraju