KLCI erases losses as corp earnings dictate sentiment

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KUALA LUMPUR (Feb 22): The FBM KLCI gained 1.53 points or 0.1% as investors bargain hunted for index-linked Genting Malaysia Bhd shares amid volatile trade.

At 5pm, the KLCI ended at 1,708.08 points. The index rose to its intraday high at 1,709.10 points before falling to its intraday low at 1,704.42 points.

Genting Malaysia shares climbed 20 sen to close at RM5.40 to become Bursa Malaysia's sixth-largest gainer. Yesterday, Genting Malaysia shares fell 18 sen to RM5.20.

Across Bursa Malaysia today, trading volume was 2.69 billion shares worth RM2.78 billion. There were 474 gainers and 389 decliners.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said Malaysia's current corporate financial reporting season had dictated market sentiment.

"Corporate earnings performance was mixed, depending on sectors. Corporate earnings for oil and gas and banking sectors are better compared to other sectors," Leong told theedgemarkets.com via telephone.