KUALA LUMPUR: Local fund buying of Public Bank and Tenaga Nasional underpinned the FBM KLCI’s rebound early Wednesday after the recent battering by foreign institutions while Mi Equipment climbed on its trading debut.
At 9.20am, the KLCI was up 12.65 points or 0.74% to 1,728.01. Turnover was 182.04 million shares valued at RM126.57mil. There were 207 gainers, 121 losers and 217 counters unchanged.
Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the spectre of a US-China trade war drove down bond yields, and share and commodity prices.
The improved risk appetite pushed the yield on benchmark 10-year Treasury notes higher to 2.9004% compared with its US close of 2.893% on Tuesday, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%. Japan's Nikkei gained 0.2%, South Korea's KOSPI rose 0.7%, and Australian stocks were 0.8% higher.
Penang-based Mi Equipment rose three sen to RM1.45 on the Main Market. It was the most active with 26.2 million shares done at prices ranging from RM1.39 to RM1.51. It manufactures wafer level chip scale packaging (WLCSP) sorting machines.
Nestle rose RM1 to RM148 and F&N 48 sen higher at RM38 with 100 shares done.
Public Bank gained 40 sen to RM23.76, Top Glove 28 sen to RM11.60, MAHB 20 sen to RM8.82, Genting and Tenaga 12 sen each to RM8.62 and RM14.28.
Sapura Energy
rose 1.5 sen to 61.5 sen with 15.79 million shares traded.
KL Kepong fell the most, down 18 sen to RM24.12, Petronas Dagangan 16 sen to RM24.50, MPI was also down 16 sen to RM10.30 while KESM lost four sen to RM17.02.
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