KLCI ends 0.44% higher, boosted by 11th-hour buying

KLCI ends 0.44% higher, boosted by 11th-hour buying
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KUALA LUMPUR (July 13): The FBM KLCI closed 0.44% higher, thanks to late buying support in selected index-linked stocks, particularly glove, telco and plantation counters.

At 5pm, the FBM KLCI was up 6.67 points at 1,519.56 points, after hovering between 1,513.54 points and 1,520.03 points. 

Hartalega Holdings Bhd, Top Glove Corp Bhd, Axiata Group Bhd, Telekom Malaysia Bhd, Digi.com Bhd, Maxis Bhd, Kuala Lumpur Kepong Bhd were among the heavyweights that advanced today.   

Rakuten Trade Research vice-president Thong Pak Leng said the Malaysian stock market ended mostly higher, after a day of volatile trading, as new Covid-19 cases surpassed the 11,000-mark.

“Overall, the FBM KLCI – which had been stuck in consolidation mode since end-June – is expected to trend within a tight range in the absence of positive catalysts, going forward,” he added. 

Nonetheless, Thong still believes this is a good opportunity for bargain hunting, especially for strong fundamental stocks which have been oversold lately.

Market breadth was mixed with  504 gainers versus 409  losers, while 484 stocks were unchanged.  

In terms of trading volume, 4.54 billion shares worth RM2.52 billion exchanged hands today.

Top active counters included Pasukhas Group Bhd, Vsolar Group Bhd, Pelikan International Corp Bhd, Dagang NeXchange Bhd, Serba Dinamik Holdings Bhd, Ramssol Group Bhd, Pegasus Heights Bhd, Straits Inter Logistics Bhd and Saudee Group Bhd.

Notable gainers by value were Genetec Technology Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Fraser and Neave Holdings Bhd, Computer Forms (M) Bhd,  Y&G Corp Bhd, Kumpulan H&L High Tech Bhd, Hong Leong Financial Group Bhd and Hartalega Holdings Bhd.

Meanwhile, top losers included UMS Holdings Bhd,  Aeon Credit Service (M) Bhd, Panasonic Manufacturing (M) Bhd, MR D.I.Y. Group Bhd, Teo Guan Lee Corp Bhd, BP PLastics Holdings Bhd and Kobay Technology Bhd.

Elsewhere in Asia, Japan's Nikkei 225 rose 0.52%, while Seoul's Kospi added 0.77%. In China, Hong Kong’s Hang Seng Index jumped 1.63%, while the Shanghai Stock Exchange Composite Index closed up 0.53%.

Reuters reported global shares pushed to a record high on Tuesday, buoyed by better-than-expected Chinese export data, as markets awaited the release of US inflation data for further clues about the global economic recovery.

Lam Jian Wyn