Public Bank, Hong Leong Bank underpin KLCI’s mild rebound


  • Markets
  • Tuesday, 05 May 2020

KUALA LUMPUR: Bursa Malaysia edged higher in early Tuesday trade, as investor sentiment perked up a bit after the battering the previous day, with Public Bank and Hong Leong Bank underpinning the FBM KLCI’s advance.

Investors would also seek direction on the health of the economy when Bank Negara Malaysia’s monetary policy committee delivers its decision on interest rates in the afternoon.

At 9.02am, the FBM KLCI was up 5.50 points or 04% to 1,382.09. Turnover was 260.78 million shares valued at RM77mil. Gainers beat losers 265 to 41 and 152 counters were unchanged.

Tech shares in US and oil rose on easing coronavirus restrictions and prospects of an economic recovery, overcoming concerns about renewed US-China trade tensions, Reuters reported.

Futures on major US, Hong Kong and Australian indexes were up about 0.3% in early Asia trade after major Wall Street indexes ended up Monday. The tech-heavy Nasdaq Composite closed up 1.2%.

Oil rose as much as 5% as countries announced they would begin easing coronavirus lockdowns and crude supply cuts took effect.

At Bursa on Monday, foreign funds stepped up their selling to net RM319.9mil amid the rising US-China tensions but local institutions were net buyers at RM206mil and retail investors at RM119.3m.

Hong Leong Bank rose 18 sen to RM13.38 and Public Bank added 12 sen to RM15.98.

F&N was the top gainer, up 40 sen to RM32.50, United Plantations 30 sen to RM24.90, TimeCom 14 sen to RM9.94.

Hengyuan added 10 sen to RM3.35, KKB seven sen to RM1.69. Hexa extended its gains, up five sen to RM1.26.

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Bank Negara , OPR , foreign funds

   

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