Tenaga, Public Bank underpin KLCI rebound

Whether the 30-stock index can hold on to its gains remains to be seen due to recent selling by foreign funds towards the close of trading.

KUALA LUMPUR: Tenaga Nasional and Public Bank led the rebound of the FBM KLCI early Wednesday but whether the 30-stock index can hold on to its gains remains to be seen due to recent selling by foreign funds towards the end of the day.

At 9.13am, the FBM KLCI was up 15.77 points or 1% to 1,591.08. Turnover was 393.38 million shares worth RM308.08mil. Advancers beat decliners nearly two to one or 336 gainers to 183 losers and 334 counters were unchanged.

Bloomberg reported Asian stocks were mixed after their biggest slide in two months as investors mulled a slew of earnings reports amid worries over virus variants and hurdles to stimulus. Nasdaq futures climbed.

Tenaga rose 13 sen to RM9.83 while Public Bank added 11 sen to RM4.51.

MPI was the top gainer, up RM1.10 to another record high of RM33.50, Greatec added 16 sen to RM5.92 and Amtel 12 sen to RM3.84. KPower-WA hit limit-up again, adding 30 sen to 90 sen.

SCIB added 22 sen to RM2.76 and Allianz 18 sen to RM13.60.

Pharmaniaga added 19 sen to RM5.17 after the company and Duopharma inked deals to supply the Covid-19 vaccines.

BAT fell RM1 to RM13.10, Bonia nine sen to 75 sen and SunCon three sen to RM1.62.

Plywood manufacturer Cymao, which is venturing into construction of property projects, fell nine sen to RM2.59. It has seen strong interest amid some volatility.

Furniture maker Sern Kou shed four sen to RM1.74.

BSL Corp lost 4.5 sen to 53 sen as a proposed corporate exercise involving a major shareholder did not get through.

However, on a more positive note, BSL said the group posted a significantly better results due to higher revenue from the precision metal stamping and the PCB assembly divisions.

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