KLCI climbs on last trading day of February, broader market cautious

At Bursa on Thursday, foreign funds turned net buyers at RM144.5mil while local retail investors continued to be net buyers at RM90.9mil but local institutions were net sellers at RM235.3mil.

KUALA LUMPUR: Some mild buying of blue chips helped the FBM KLCI extend its rebound early Friday but the tech sell-off on Wall Street and weaker Asian markets weighed on the broader market.

At 9.35am, the FBM KLCI was up 2.90 points or 0.18% to 1,584.44. Turnover was 1.76 billion shares valued at RM1.01bil. The broader market showed signs of weakening with losers beating gainers 672 to 238 and 329 counters unchanged.

Technology-related companies dragged the Australian benchmark on Friday, tracking a sharp sell-off among their Wall Street peers overnight following a jump in benchmark US Treasury yields, according to Reuters.

The S&P/ASX 200 index fell 2.5% to 6,661 points by 0032 GMT, on the way to its biggest one-day decline since Jan. 28. It was on course for a weekly loss of 1.9%.

Earlier, Asian stocks opened sharply lower on Friday after Wall Street's main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark US Treasury yields.

Overnight on Wall Street, its main indexes tumbled, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in US bond yields, Reuters reported.

The Dow Jones Industrial Average closed 559.85 points lower, or 1.75%, to 31,402.01, the S&P 500 lost 96.09 points, or 2.45%, to 3,829.34 and the Nasdaq Composite dropped 478.54 points, or 3.52%, to 13,119.43.

Meanwhile, Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday.

US West Texas Intermediate (WTI) crude, meanwhile, ended 31 cents, or 0.5%, higher at US$63.53, its highest close since May 2019.

At Bursa on Thursday, foreign funds turned net buyers at RM144.5mil while local retail investors continued to be net buyers at RM90.9mil but local institutions were net sellers at RM235.3mil.

Rakuten Trade the stronger close of the KLCI was in the absence of any later selling but it expects a muted performance today in line with the regional markets.

It expected the KLCI to trend around the 1,580/85 range today. The plantation sector remains overlooked by investors despite crude palm oil again touched the RM4,000 tonne mark “but we expect this to change soon”.

Aeon Credit was the top gainer, up 18 sen to RM11.80 while HLFG added 16 sen to RM16.36.

Puncak jumped 12 sen to 50.5 sen and it was the most active with 80.18 million shares done. MSM climbed 12 sen to 97.5 sen with 57.16 million shares traded,

UEM Edgenta added 15 sen to RM1.67, Industronics 13.5 sen to 52 sen and SCIM 13 sen to RM2.03.

MPI gave up part of the previous day’s rebound, falling RM1 to RM37 while Vitrox lost 26 sen to RM17.20.

Consumer stocks fell with Heineken down 78 sen to RM24.72, Carlsberg 44 sen to RM23.52 and Ajinomoto 40 sen to RM15.40.

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