KUALA LUMPUR: The FBM KLCI bounced back strongly today as bargain hunting for the stocks that fell in the past few trading sessions lifted the index in line with regional gains.
At 5pm, the benchmark index surged 23.99 points, or 1.54% to 1,581.54 after moving between 1,587.11 and 1,565.77. The index opened 9.35 points higher at 1,566.90 this morning.
Market breadth remained positive with gainers outpacing losers 857 to 402, while 411 counters were unchanged.
In today’s session, 21 of the KLCI-component stocks were traded higher, seven counters fell while the remaining closed unchanged.
Dealers said there was strong buying momentum in banking-related stocks amid positive sentiment over Covid-19 vaccine programme. In addition, a slew of strong corporate earnings reported so far today gave the FBM KLCI a boost.
Maybank added 20 sen to RM8.09, pushing the index higher by 3.565 points. Public Bank gained nine sen to RM4.17, lifting the index 2.7882 points higher. CIMB rose 12 sen to RM4.33, nudging the index higher by 1.8596 points.
Hong Leong Bank added 12 sen to RM17.62 and RHB Bank rose nine sen to RM4.17.
Press Metal, one of the top gainers on Bursa Malaysia, jumped 71 sen to RM9.66, phishing the index higher by 4.4775 points.
MPI surged RM2.94 to RM38, Carlsberg gained 66 sen to RM23.96, D&O rose 66 sen to RM3.99 while Euro advanced 55 sen to RM5.10.
Meanwhile, the ringgit is up 0.05% against the US dollar at 4.0398.
Brent crude was last traded at US$67.50 per barrel while US crude traded at US$63.66 per barrel.
Among the key regional markets:
Japan’s Nikkei 225 is up 1.67% to 30,168.27;
Hong Kong’s Hang Seng Index is up 1.2% to 30,074.17;
Shanghai Composite Index rose 0.59% to 3,585.05;
Taiwan’s Taiex added 1.48% to 16,452.18;
South Korea’s Kospi advanced 3.5% to 3,099.69 and;
Singapore’s Straits Times Index rose 1.67% to 2,973.54 points.