KUALA LUMPUR (May 5): The FBM KLCI rebounded 0.23% today after seeing a sell down yesterday, bucking the decline in regional markets.
 
The benchmark index closed 4.07 points or 0.23% higher at 1,762.74. On a weekly basis, the KLCI fell 0.3% since its closing of 1,768.06 on April 28.
 
Etiqa Insurance & Takaful research head Chris Eng said the index rebounded after its decline yesterday, following news surrounding the termination of the Bandar Malaysia deal.
 
“The KLCI rebounded from the recent sell down, despite the decline in regional markets,” Eng said, adding that the French election has triggered some profit-taking in global markets.
 
“If it’s a positive outcome, there could be an uptrend in global markets including Malaysia, but it would probably not be a significant climb for the KLCI,” he added.
 
On corporate earnings, Eng said the market has priced in expectations of earnings growth in some sectors such as automotive and consumer products, which could weigh on the index if earnings disappoint.
 
However, he expects a mixed-bag of earnings as some sectors such as technology could surprise, amid strong export numbers, adding that other sectors like banking, telecommunication and oil and gas could also outperform.
 
The bourse saw a total of 3.57 billion shares, worth RM2.49 billion traded. Gainers beat decliners at 617 against 327, while 361 counters were unchanged.
 
Panasonic Manufacturing Malaysia Bhd led the gainers, while Petronas Gas Bhd headed the decliners. The top active counter was NetX Holdings Bhd.
 
Across the region, Japan’s Nikkei 225 rose 0.7%, South Korea’s Kospi climbed 0.97%, while Hong Kong’s Hang Seng fell 0.84%.
 
Reuters reported Asian stocks declined for a third consecutive day today, as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked broad weakness on receding concerns about France's presidential election.
 
MSCI's broadest index of Asia-Pacific shares outside Japan extended its decline to be down 0.8% today and was trading at its lowest level since April 25.