KUALA LUMPUR: The FBM KLCI rebounded strongly from sharp declines earlier in the week as equities prices lifted from strongly oversold positions.
At 12.30pm, the key index was up 19.25 points to 1,486.25, defying expectations of continued caution ahead of the Jackson Hole Economic Symposium that is set to start later tonight.
Market breadth was positive with 491 gainers compared with 250 decliners. Trading volume was 1.32 billioin shares valued at RM841.27mil.
Index stocks that led the gains include IHH up 12 sen to RM6.34, Tenaga Nasional rising 20 sen to RM8.61 and Maxis jumping 13 sen to RM3.87.
Bank counters were also up ahead of earnings results, including Maybank gaining three sen to RM8.84, CIMB adding three sen to RM5.39, Hong Leong Bank jumping 24 sen to RM20.70 and RHB gaining eight sen to RM5.78.
Oil and gas stocks were also bostered by the rising crude oil prices. Hengyuan rose 48 sen to RM5.77, Petron Malaysia jumped 26 sen to RM5.82 and Dayang was up three sen to RM1.10.
Among leading actives, Serba Dinamik dropped one sen to 3.5 sen, TWL was unchanged at five sen and Hibiscus Petroleum rose eight sen to RM1.04.
In Asian markets, equities tracked Wall Street’s bounce higher. Japan’s Nikkei rose 0.6% to 28,491, South Korea’s Kospi climbed 1% to 2,470 and China’s composite index gained 0.4% to 3,228.
Hong Kong’s Hang Seng was closed for a national holiday while Australia’s ASX200 put on 0.6% to 7,043.-The Star