KLCI rises 0.88%, stays above 1,750-level, banks lift

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KUALA LUMPUR (June 1): The FBM KLCI rose 0.88% at midday break today and stayed above the 1,750-point level, lifted by key index-linked banking stocks.

At 12.30pm, the FBM KLCI rose 15.44 points to 1,756.06.

Gainers led losers by 427 to 372, while 368 counters traded unchanged. Volume was 1.82 billion shares valued at RM1.25 billion.

Top gainers included British American Tobacco (M) Bhd, Time Dotcom Bhd, Heineken Malaysia Bhd, Bursa Malaysia Bhd, Malayan Banking Bhd, MISC Bhd, Top Glove Corp Bhd. CIMB Group Holdings Bhd, Public Bank Bhd and Genting Bhd.

The actives included Sapura Energy Bhd, NetX Holdings Bdh, My E.G. Services Bhd, Opcom Holdings Bhd, Eden Inc Bhd, Sino Hua-An International Bhd and APFT Bhd.

The losers included Fraser & Neave Holdings Bhd, Nestle (M) Bhd, KESM Industries Bhd, Hong Leong Financial Group Bhd, Padini Holdings Bhd, Hong Leong Bank Bhd and Press Metal Aluminium Holdings Bhd.

Asian equities shook off earlier weakness on Friday, as a softer yen supported Japanese stocks and firm export data drove South Korean markets higher, although rekindled concerns about U.S. protectionist trade policies limited gains, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.1% but the index was still down roughly 0.6% for a week in which it touched a six-week low, on concerns of political developments in Italy, Reuters added.

Affin Hwang Capital Research said US imposed tariffs on steel and aluminum import to Mexico, Canada and European Union overnight.

“Global futures markets slid on inevitable trade-war concerns, as all affected countries were quick to announce their retaliations.

“The FBM KLCI took a breather yesterday, nonetheless downward trend is anticipated to resume today.

“Market perceives correction in the local market as normal and healthy, in line with adjustments that are taking place in the country's economy which is also in tandem with soft global capital markets,” Affin Hwang added.