KLCI rebounds, enroute to ending losing streak

KUALA LUMPUR: The FBM KLCI made a rebound on Wedneday after yesterday's rally fizzled to end on a negative note for the eighth straight session.

At 12.30pm, the key index had added 12.57 points to 1,587.88, still firmly below the 1,600-point psychological resistance.

However, there is expectation of an advance in certain sectors moving forward, says Malacca Securities Research.

"Based on some corporate earnings results announced yesterday. we expect plantation and consumer electronics stocks to perform well in the near term.

"Also, market players will be watching out for the technology sector as they performed a swift recovery after the selldown," it said.

Heavyweights seeing positive price action included Axiata rising 17 sen to RM3.42, Maybank up 10 sen to RM7.92, Tenaga Nasional gaining 14 sen to RM9.84 and Petronas Chemicals rising 10 sen to RM6.85.

It offset profit-taking in Hartalega, falling 22 sen to RM12.22, Supermax shedding 15 sen to RM6.50 and Top Glove dropping one sen to RM6.19

Top actives on the broader market were MPI up 56 sen to RM32.96, Carlsberg adding 52 sen to RM21.72 and KESM climbing 50 sne to RM16.50.

Asian markets were generally cautious on Wednesday ahead of the US Federal Reserve's monetary policy decision.

Japan's Nikkei was up 0.25% while China's composite index was mostly flat.

SOuth Korea's Kospi was down 0.2% and Hong Kong's Hang Seng rose 0.2%. Australia's ASX200 fell 0.7%.
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Bursa Malaysia , FBM KLCI , equities


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