Bursa gets lift as global stocks hit all-time high

The rally in semicon and chip makers also spilled over the companies involved in engineering services such as Amtel, Unimech and Eita.

KUALA LUMPUR: Semiconductor and tech stocks led the broader market higher while Public Bank nudged the FBM KLCI higher in early Thursday trade as investors sentiment was shored by the record high of global stocks.

At 9.20am, the KLCI was up 8.85 points or 0.55% to 1,610.39. Turnover was 736.30 million shares valued at RM413.99mil. There were 406 gainers, 229 losers and 330 counters unchanged.

Bloomberg reported global stocks climbed to fresh all-time highs on optimism that fiscal spending will revive growth and bolster corporate earnings. The dollar weakened.

Asian shares rose for a third straight session, led by Japan and South Korea, after their US counterparts closed at records Wednesday.

At Bursa on Wednesday, local institutions were net sellers at RM69.9mil and foreign funds at RM8.9mil but local retail investors net buyers at RM78.7mil.

Rakuten Trade said the late selling saw the KLCI slump on Wednesday to close just above the 1,600 mark but “we expect it to rebound today with 1,615 as the immediate resistance”.

It noted news that Genting will shut down its resort operations again may see some share price weakness and “we are buyers if Genting Malaysia dips below the RM2.20 level”.

Semicon and tech-related Vitrox rose 36 sen to RM16.18, JF Tech 34 sen to RM2.30 and Unimech 23 sen to RM1.79.

The rally in semicon and chip makers also spilled over the companies involved in engineering services such as Amtel, Unimech and Eita.

Amtel, which focuses on telematics electronics and telecommunications and fibre optic cables, gained 26 sen to RM3.44.

Unimech, which makes valves for boilers and markets engineering equipment, jumped 23 sen to RM1.79.

Eita, which provides services for escalators and lifts and power equipment systems, added 25 sen to RM3.20.

Public Bank climbed 32 sen to RM21.64 as its four-for-one bonus issue goes ex on Jan 26.

Euro Holdings fell 30 sen to RM4.69 on lack of fresh positive news to spur fresh buying interest.

Petron, PPB Group and Genting fell six sen each to RM4.71, RM19.02 and RM4.16 respectively.

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