FBM KLCI rebounds, gains 7.28 points

KUALA LUMPUR: The FBM KLCI rebounded from recent losses despite weak market sentiment on the broader market.

At closing, the benchmark index ended up 7.28 points, or 0.45% to 1,607.57, its intraday high. The index opened 0.14 of-a-point higher at 1,600.43 this morning.

Broader market sentiment stayed cautious with 575 losers and 506 gainers, while 413 counters traded unchanged. Trading volume was 8.16 billion shares valued at RM4.08bil.

Dealers said broader market sentiment remained weak as investors remained on tenterhooks on the rising Covid-19 cases. They expect the local bourse to extend its sideways move.

According to data on Bursa Malaysia, foreign funds sold RM142mil worth of local equities on Monday. Local institutions acquired RM137mil equities while retailers bought RM47mil worth of equities on Bursa Malaysia.

Among the 30 component stocks, 21 counters closed higher while six ended higher.

All the index-linked gloves counters closed lower. Hartalega fell 17 sen to RM9.87, Top Glove shed six sen to RM5.40 and Supermax declined four sen to RM5.40.

Axiata added 21 sen to RM4, Genting rose 17 sen to RM4.93, Hong Leong Financial Group advanced 14 sen to RM16.90 and MISC gained 12 sen to RM6.80.

On the broader market, F&N rose 62 sen to RM30.78, Transocean hit limit up, rising 45 sen to RM1.98 and Amtel added 20 sen to RM1.38.

MPI fell 38 sen to RM38.70, Heineken lost 26 sen to RM25.04 and Greatech declined 23 sen to RM5.89.

Meanwhile, the ringgit rose 0.22% against the US dollar at 4.1145. The local currency was down 0.13% against the euro at 4.9657. It fell 0.59% against the pound sterling at 5.7552 and down 0.04% against the Singapore dollar at 3.0998.

Oil prices rose to over one-month highs on supported by a weaker US dollar

US West Texas Intermediate (WTI) crude rose 74 cents at US$64.12 a barrel while Brent added 89 cents to US$67.94 per barrel.

Among the key regional markets:

Japan’s Nikkei 225 fell 1.97% at 29,100.38;

Hong Kong’s Hang Seng Index added 0.1% to 29,135.73;

Shanghai Composite Index fell 0.13%to 3,472.94;

Taiwan’s Taiex added 0.35% to 17,323.87;

South Korea’s Kospi gained 0.68% to 3,220.70 and;

Singapore’s Straits Times Index eased 0.63% to 3,189.60 points.