KUALA LUMPUR: Strong fund buying of banks powered the FBM KLCI past the key 1,700 level at the close on Thursday, with Maybank, CIMB and Public Bank taking the lead, as key Asian markets recorded strong gains.
Construction stocks incuding George Kent and MRCB rallied as the LRT 3 got the go-ahead but at nearly 50% below the original cost.
At 5pm, the KLCI was up 14.8 points or 0.88% to 1,703.57 – which was the highest since June 21. Turnover was 2.69 billion shares valued at RM2.51bil. There were 598 gainers, 294 losers and 364 counters unchanged.
Stocks and commodity markets regained some poise , having suffered wild tailspins in the previous session as the US ratcheted up trade war threats on China.
A 2% rebound on China's big bourses steadied Asian nerves as oil markets clawed back some of Wednesday's 7% slump that had marked their worst day in 2-1/2 years, according to Reuters.
At Bursa, local institutions were net buyers at RM73.3mil while retailers took profit and were net sellers at RM21.3mil. Foreign funds continued to reduce their stakes, this time net selling was at RM52mil.
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