Public Bank, Hong Leong Bank underpin Bursa’s advance

KUALA LUMPUR: Public Bank and Hong Leong Bank underpinned the FBM KLCI’s early advance as foreign funds continued to be net buyers on Bursa.

At 9.25am, the KLCI was up 7.31 points or 0.45% to 1,644. Turnover was 843.45 million shares valued at RM529.02mil. Advancers beat decliners 392 to 284 and 330 counters unchanged.

Asian equities made early trading gains after a mixed session Wall Street buoyed by expectations of a US stimulus package even as political events in Washington culminated in the impeachment of President Donald Trump, Reuters reported.

Oil prices fell as the threat of lower demand due to rising global Covid-19 cases outweighed support from a greater-than-anticipated drop in US crude inventories.

On the outlook for Bursa, Rakuten Trade expects the KLCI to trend at a narrow range along the 1,630/40 range.

Wednesday’s strong buying on banks stocks could be a sign that foreign funds may be trickling into the local bourse following an inflow of around RM750mil since Jan 7.

“Meanwhile, we remain positive on heighten trading activities amongst the smaller caps today,” it said.

At Bursa on Wednesday, foreign funds were net buyers RM127.2mil but local funds were net sellers at RM85.8mil and local retail investors RM41.4mil.

Public Bank rose 52 sen to RM21.92 with 1.23 million shares done as its four-for-one bonus issue goes ex on Jan 26.

Hong Leong Bank added 22 sen to RM17.98.

KL Kepong rose 24 sen to RM24.90, Press Metal 24 sen also to RM8.52, Toyo Ventures 22 sen to RM2.55 and Euro Holdings 20 sen to RM4.91.

MPI was the top gainers among the chip makers, up 46 sen to RM28.14, Unisem 23 sen to RM6.90 and KESM 20 sen to RM15.80. PMB Tech lost 14 sen to RM4.45.

Hartalega fell 46 sen to RM12.54, Supermax 18 sen to RM6.93, Kossan 16 sen to RM4.32, Top Glove 14 sen to RM6.49 and Comfort Gloves nine sen to RM3.29.

Property company Rapid Synergy lost 50 sen to RM6.70 and MAHB 11 sen to RM5.58.

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