Semicon and tech stocks rebound

KUALA LUMPUR: Semiconductor and tech-related stocks led the stock higher in early Thursday trade after the broad selloff the previous day as investors sentiment perked up on the firmer overnight Wall Street close.

At 9.32am, the KLCI was up 14.04 points or 0.9% to 1,571.59. Turnover was 2.01 billion shares valued at RM816.95mil. The broader market was firmer after the selldown on Wednesday as there were 560 gainers to 221 losers and 366 counters unchanged.

At Bursa on Wednesday, the KLCI continued to be hampered by the selling on glove stocks rendering the prevailing market undertone rather weak,

Rakuten Trade said nonetheless, buyers should emerge to buy on weakness as the KLCI had declined by almost 2% week on week basis thus.

“We expect the FBM KLCI to see some upside and trend around the 1,560/70 range today.

“We continue to like the energy stocks as the Brent crude is inching ever close towards the US$70 a barrel after touching US$67 yesterday, ” it said.

At Bursa on Wednesday, foreign funds and local institutions continued to reduce their shareholdings.

Foreign funds were net sellers at RM178.6mil and local institutions at RM95.5mil but again the selling was well absorbed by local retail investors at RM274.1mil.

Reuters reported overnight on Wall Street, the Dow Jones Industrial Average closed up 424.51 points, or 1.35%, to 31,961.86, the S&P 500 gained 44.06 points, or 1.14%, to 3,925.43 and the Nasdaq Composite added 132.77 points, or 0.99%, to 13,597.97.

Brent crude futures rose US$1.67, or 2.6%, to settle at $67.04 a barrel. The global benchmark hit a session high of $67.30 a barrel, its loftiest since Jan 8,2020.

US West Texas Intermediate (WTI) crude futures ended $1.55, or 2.5%, higher at $63.22 a barrel, after touching $63.37, also their highest since Jan 8,2020.

At Bursa, MPI rebounded RM1.34 to RM36.40, Unisem 25 sen to RM8.85, Uchitec 25 sen to RM3.32 and Vitrox 20 sen to RM17.40.

Nestle climbed 50 sen to RM136 and Carlsberg 20 sen to RM23.50 but Ajinomoto lost 14 sen to RM15.70 and Heineken eight sen to RM25.

Furniture maker Euro gained 30 sen to RM4.85, D&O 24 sen to RM3.57 while KLCI stocks HLFG added 20 sen to RM16.40 and PPB Group 18 sen to RM18.50.

Pharmaniaga fell 18 sen to RM4.22 as the Covid-19 vaccines rolled out.

Other decliners were Milux 11 sen to RM2.25, Elsoft eight sen to 76 sen, Alcom seven sen to 66 sen and AYS 6.5 sen to 43 sen.

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