Banks, commodity plays shore up KLCI


KUALA LUMPUR: The FBM KLCI tracked global equities higher on Thursday as US Fed chairman Jerome Powell reaffirmed low interest rates for the long-term.

At 12.30pm, the key index was up 16.19 points to 1,573.74, following yesterday's slide which took it within striking distance of the 200-day simple moving average.

Bank stocks and commodities were boosted by the positive investor sentiment, which helped the market retrace some of the steep losses recorded earlier this week.

Maybank was up 10 sen to RM7.99, Public Bank rose two sen to RM4.10, CIMB gained 10 sen to RM4.31 and Hong Leong Bank jumped eight sen to RM17.58.

Aluminium producer Press Metal surged 77 sen to RM9.72 while Petronas Chemicals gained 10 sen to RM7.77 and Petronas Gas jumped 32 sen to RM16.74.

There was continued selling in glove stocks amid the roll-out of the Covid-19 vaccine programme.

Top Glove fell three sen to RM5.20, Hartalega dropped 34 sen to RM10.06 and Supermax lost 19 sen to RM4.85.

Meanwhile, Asian stocks jumped on Powell's reassurances of a loose monetary policy.

Japan's Nikkei rose 1.4% and South Korea's Kospi jumped 2.7%.

In China, the composite index was up 1.1% while Hong Kong's Hang Seng surged 2.15%.

Australia's ASX200 added 1.1%.
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Bursa Malaysia , FBM KLCI , equities

   

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