KLCI edges up 0.4% following overnight gains on Wall Street

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KUALA LUMPUR (May 28): The FBM KLCI closed 5.77 points or 0.4% higher today tracking overnight gains on Wall Street on the back of optimism
about the reopening of the US economy.

The benchmark index closed at 1,457.5, after moving between 1,449.25 and 1,458.73.

Apart from the Wall Street gains, the KLCI’s rise was also due to the index playing catch up after the Aidilfitri holiday break on Monday and Tuesday, Rakuten Trade Research head Kenny Yee Shen Pin told theedgemarkets.com.

He, however, warned that the uptrend is unlikely to
sustain as the market is lacking a catalyst to provide the support for further gain.

Among KLCI component stocks, Genting Malaysia Bhd led the gainers with a 3.14% or seven sen rise to RM2.30, followed by Dialog Group Bhd (up 2.97% or 11 sen to RM3.81), and CIMB Group Holdings Bhd (up 2.63% or nine sen to RM3.51).

Total turnover on Bursa Malaysia was 6.94 billion shares, worth RM5.45 billion. Losers led gainers by 546 to 366, while 451 counters remained unchanged.

Elsewhere in Asia, Japan's Nikkei 225 grew 2.32%, while South Korea's Kospi fell 0.13% and Hong Kong’s Hang Seng was down 0.72%.

Reuters reported that Asian shares erased gains and the yuan languished today on growing worries China’s planned security law for Hong Kong would spark a broader diplomatic confrontation with the US.