Slight bounce for Bursa after Wall St ends higher

KUALA LUMPUR: Bursa Malaysia rose in early Thursday trade with Petronas Dagangan and Public Bank underpinning the FBM KLCI’s advance as investors took heart from the stronger overnight close on Wall Street.

At 9.18am, the FBM KLCI was up 7.56 points or 0.51% to 1,497.12. Turnover was 996.69 million shares valued at RM349.16mil. Advancers bet decliners more than two to one or 319 gainers to 154 losers while 306 stocks were unchanged.

Bloomberg reported Asian stocks followed their US peers higher as investors mulled encouraging signs for Joe Biden in the presidential election race and what it could mean for stimulus. Treasuries steadied after yields pushed higher, while the dollar slipped.

Shares climbed in Australia and South Korea, though were little changed in Japan. US equity futures edged up following the S&P 500’s 1.7% overnight advance.

At Bursa on Wednesday, local institutions were net buyers at RM124.8mil, followed by local retail investors at RM36.8mil but foreign funds remained net sellers at RM161.6mil.

In early Thursday trade, Petronas Dagangan added 20 sen to RM19.20 and Public Bank rose 10 sen to RM15.68.

Stronger global semiconductor sales saw Greatec adding 16 sen to RM16.99, UWC 14 sen to RM2.57 and Unisem 12 sen to RM3.92.

F&N was the top gainer, up 60 sen to RM32.60 but Heineken lost six sen to RM20.62 and Carlsberg four sen to RM19.94 in thin trade.

Other gainers were Latitude Tree, up 14 sen to RM2.57 and Tong Herr 10 sen to RM2.18.

Bina Puri edged up one sen to 10.5 sen.

Triven was the most active, down 0.5 sen to one sen with 258.15 million shares done. Kanger added 0.5 sen to 20 sen.

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