KLCI up nearly 6 points on China's rebound

KUALA LUMPUR: The FBM KLCI posted a rebound at midday on Thursday after China's stocks bounced back after two days of losses, which sparked investors' concern in recent days.  

At 12.30pm, the KLCI rose 5.88 points to 1,701.71. Turnover was 1.07 billion shares valued at RM794.54mil. There were 401 gainers, 295 decliners and 295 counters unchanged.

Reuters reported Chinese stocks bounced on Thursday, after the securities regulator banned shareholders with large stakes in listed firms from selling, in Beijing's most drastic step yet to stem the dramatic plunges that have roiled global financial markets.

As the daily drumbeat of official announcements aimed at propping up the sinking equity market continued, state news agency Xinhua said police would investigate "malicious" short selling of stocks, and the banking regulator said it would allow lenders to roll over loans backed by stocks, it said.

Meanwhile, Hong Leong Investment Research said in a note that following a two-day 23.8 points drop, KLCI near-term technical outlook has weakened, driven by the nagging internal and external risks coupled with negative daily indicators. 

"A breakdown below 1,700 will spur renewed selling spree to revisit 1,688 and 1,671 territory," it said.

At Bursa Malaysia, AMMB Holdings rose 15 sen to RM5.50, CIMB nine sen to RM5.39, HL Finance six sen to RM15.16, RHB Cap 13 sen to RM7.30 but HL Bank fell two sen to RM13.32, and Public Bank two sen to RM18.66.

IOI Corp rose 12 sen to RM4.22, KL Kepong 12 sen to RM22.50 but PPB Group fell four sen to RM15.08 and Sime Darby one sen to RM8.50.

DiGi rose seven sen to RM5.52, Maxis one sen to RM6.34 and Telekom six sen to RM6.69.

PetChem rose six snen to RM6.12 but PetDag fell eight sen to RM20.46 and PetGas four sen to RM21.14.

US light crude oil rose 69 cents to US$52.34

Brent rose 71 cents to US$57.76
Crude palm oil for third-month delivery rose RM12 to RM2,162
The ringgit strengthened against the dollar at 3.8022 from 3.8080 the previous close.
Among the key regional markets,
Japan’s Nikkei 225 fell 1.26% to 19,489.7
Hong Kong’s Hang Seng Index rose 3.43% to 24,322.23
Shanghai’s Composite Index rose 1.3% to 3,552.78
Taiwan’s Taiex fell 0.78% to 8,906.36
South Korea’s Kospi fell 0.03% to 2,015.69
Singapore’s Straits Times Index fell 0.5% to 3,268.48
Spot gold fell seven cents to US$1,157.62
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