KLCI closes off lows, Public Bank, Hong Leong Bank advance

KUALA LUMPUR: Bursa Malaysia closed off the intra-day lows on Wednesday as Public Bank, Hong Leong Bank and Tenaga Nasional advanced for the second day.

The FBM KLCI fell to a low of 1,554 in late trade before recovering to close at 1,570.08, down 4.99 points. On Tuesday, it rallied over 50 points.

Turnover rose to 14.48 billion shares valued at RM5.95bil. There were 654 gainers, 574 losers and 426 counters unchanged.

In late trade, Reuters reported stock markets in Singapore and the Philippines declined by up to 1%, as this week's burst of market optimism about progress on coronavirus vaccines faded.

Investors switched to discounted losers from Covid-19 coronavirus winners on Tuesday, fuelling a rally in travel and energy shares, after drugmakers Pfizer Inc and BioNTech SE showed a 90% success rate in preventing infection during trials.

After the strong performance the previous day, there was some profit taking. AirAsia X lost 0.5 sen to six sen and AirAsia 3.5 sen to 64.5 sen as enthusiasm for travel stocks slipped as the timing of the availability of the vaccine weighed.

GentingM lost five sen to RM2.33 and Genting six sen to RM3.45.

As for banks, Public Bank rose 48 sen to RM17.68, Hong Leong Bank 42 sen to RM16.60, RHB Bank eight sen to RM4.93 and Maybank three sen to RM7.69 but CIMB shed three sen to RM7.69.

MISC lost 32 sen to RM6.89, Sime Darby was down 10 sen to RM2.36 but Tenaga rose 14 sen to RM11.34.

As for glove makers, Hartalega lost 20 sen to RM15.50 but Top Glove and Kossan rose six sen each to RM7.86 and RM6.64 and Supermax seven sen higher at RM8.90.

Among the plantations, KL Kepong rose 20 sen to RM23 but PPB Group fell 24 sen to RM18.88, Sime Plantation 14 sen to RM5.01 and IOI Corp shed two sen to RM4.50.

Chip maker MPI gained 28 sen to RM22.94 and KESM 25 sen to RM10.20.

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