KLCI chalked up marginal gains as regional markets sag

KLCI chalked up marginal gains as regional markets sag
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KUALA LUMPUR (June 29): The FBM KLCI eked out marginal gains today, as regional markets mostly sagged.

At 5pm, the benchmark index closed up 3.6 points or 0.23% at 1,548.31, after trading between 1,541.72 and 1,549.26.

The broader market was mixed with gainers beating losers by 505 to 430, while 471 counters traded unchanged. Volume was 4.79 billion shares valued at RM2.59 billion.

Rakuten Trade head of research Kenny Yee said the investors’ sentiment remained cautious today, following yesterday’s heavy selldown, suggesting a tepid response to the latest PEMULIH stimulus package introduced by the government.

“The cautious market sentiment also took cues from the weak regional performance today,” Yee added.

Among the 30 constituents, Sime Darby Bhd led the pack as the biggest gainer and was higher by 3.29% or seven sen to close at RM2.20. This was followed by Hartalega Holdings Bhd (up 2.6% or 19 sen to settle at RM7.49) and Hap Seng Consolidated Bhd (rose 1.8% or 14 sen to close at RM7.90).  

Serba Dinamik Holdings Bhd continued topping the most active stock on local bourse, with 834.88 million shares traded. It closed at 32 sen, after falling 1.54% or 0.5 sen. 

Also in the top active list are counters linked to Serba Dinamik, namely KPower Bhd and Sarawak Consolidated Industries Bhd.

Nestcon Bhd, which made its debut on ACE Market, saw 257 million shares exchanging hands, making it the second-most traded stock on Bursa Malaysia.

Top gainers in value were Genetec Technology Bhd, Malaysian Pacific Industries Bhd, Nestle (M) Bhd, Kumpulan H&L High Tech Bhd, Kobay Technology Bhd, Malaysia Smelting Corp Bhd and Adventa Bhd.

Meanwhile, notable top losers in value included Ipmuda Bhd, Ayer Holdings Bhd, Heineken (M) Bhd, Chin Teck Plantations Bhd, Dataprep Holdings Bhd, LTKM Bhd, OMH Holdings Ltd, Petronas Dagangan Bhd and Vitrox Corp Bhd.

Key Asian markets closed lower including Japan's Nikkei 225 fell 0.81%, while South Korea's Kospi dropped 0.46%. Meanwhile, Singapore’s STI lost 1.2% and the Shanghai Stock Exchange Composite Index closed down 0.92%.

Reuters reported Asian shares dropped on Tuesday, on concerns new coronavirus outbreaks in the region could undercut an economic recovery, even as robust momentum in the US has prompted the Federal Reserve to contemplate a quicker exit from accommodative policy.

“MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.15% lower, hovering near recent highs, though momentum has stalled as some countries re-impose lockdowns to contain the spread of the Delta virus variant,” the news wire added.

Lam Jian Wyn