FBM KLCI on track for fourth day of gains

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KUALA LUMPUR: Malaysia’s benchmark index bounced into positive territory after a slow start as investors sought to extend the market rally for a fourth consecutive session.

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At 12.30pm, the FBM KLCI was up 4.1 points to 1,417.62. The overall market however was in the red with 489 decliners compared to 313 gainers.

There were 1.87 billion shares traded for a value of RM807.95mil.

The index’s top weighted counter, Maybank, led the gains as it put on nine sne to RM8.87.

Other banking sector players has mixed results including CIMB up three sen to RM5.33 while Hong Leong Bank dropped two sen to RM18.92 and Public Bank was unchanged at RM3.98.

Press Metal meanwhile climbed six sen to RM4.86 and Kuala Lumpur Kepong rose 22 sen to RM23.

Succumbing to selling pressure, 7-Eleven Malaysia fell 21 sen to RM1.99 after it announced it was disposing of its stake in Caring Pharmacy for RM637.5mil.

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Technology plays wee also in the red, including KESM down 19 sen to RM7.23, Vitrox falling 12 sen to RM8.08, Pentamaster shaving eight sen to RM5.28 and Inari sliding seven sen to RM3.05.

Top actives were Classita down 0.5 sne to 16 sen, MRCB down 0.5 sen to 39 sen and Hong Seng down 0.5 sen to eight sen.

Meanwhile, key Asian markets moved cautiously higher ahead of a full week of corporate earnings and central bank meetings, with expectations of a final increase in the lending rates in both Europe and the US.

Japan’s Nikkei rose 1.3% to 32,724, South Korea’s Kospi gained 0.7% to 2,628 and China’s composite index was little changed at 3,170.

Hong Kong’s Hang Seng slid 1.4% to 18,808.

– The Star


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