KUALA LUMPUR: HPP Holdings, which made its debut on the ACE Market, was in focus on Wednesday while Supermax saw firmer buying interest and helped to underpin the FBM KLCI’s early advance.
At 9.20am, the KLCI was up 4.77 points or 0.3% to 1,606.65. Turnover was 683.41 million shares valued at RM416.89mil. There were 299 gainers, 250 losers and 352 counters unchanged.
However, investors’ attention will also be on Bank Negara Malaysia’s Monetary Policy Committee decision on 3pm on the Overnight Policy Rate.
Twelve economists surveyed by Bloomberg expect the MPC to keep the overnight policy rate steady at a record-low 1.75%, while 11 predict a 25-basis point cut.
At Bursa on Tuesday, local institutions were net sellers at RM72.6mil followed by foreign funds at RM14.8mil but local retail investors were net buyers RM87.3mil.
Tech-related stocks were among the top gainers with MI up 28 sen to RM5.11, JFTech 22 sen to RM1.73and KESM 16 sen to RM17.
Supermax was among the top gainers, up 18 sen to RM6.52.
HPP Holdings, which made its debut on the ACE Market, rose 17 sen to 53 sen in active trade with 73.10 million shares done. It hit a high of 60.5 sen.
Toyo Ventures fell the most, down 28 sen to RM3.61 on profit taking. Toyo Ventures-WB lost 11 sen to RM1.97.
The fall in crude palm oil prices weighed on KL Kepong and PPB Group. KLK fell 26 sen to RM23.50 and PPB 16 sen to RM18.92.
Genting lost nine sen to RM4.14 and MAHB eight sen to RM5.47.
Overnight, Wall Street closed higher on US Treasury Secretary nominee Janet Yellen's push for a sizable fiscal relief package in response to the COVID-19 pandemic.
The Dow Jones Industrial Average rose 116.26 points, or 0.38%, to 30,930.52, the S&P 500 gained 30.66 points, or 0.81%, to 3,798.91 and the Nasdaq Composite added 198.68 points, or 1.53%, to 13,197.18.