Telcos, Hong Leong Bank lift KLCI

KUALA LUMPUR: Telco stocks and Hong Leong Bank helped the FBM KLCI to extend its gains in early Tuesday trade.

At 9.15am, the FBM KLCI was up 7.17 points or 0.44% to 1,618.98. Turnover was 726.23 million shares valued at RM390.86mil. There were 293 gainers, 326 losers and 385 counters unchanged.

Bloomberg reported Asian stocks had a muted open and US futures rose Tuesday after a rotation out of growth stocks drove the Nasdaq 100 Index into a technical correction.

Equities rose modestly in Japan and Australia and ticked lower in South Korea. S&P 500 and Nasdaq 100 futures advanced.

Earlier, the U.S. tech benchmark tumbled almost 3% Tuesday to its lowest close since November, and is now down 11% from an all-time high in February.

At Bursa on Monday, foreign funds turned net sellers at RM62.9mil while local funds were net buyers at RM14mil but the bulk of the buying was by local retail investors at RM49mil.

Rakuten Trade said it expects bargain hunting to continue although market undertone is still cautious.

Signs of positive foreign fund flows of late could be due to the attractive valuations that the local bourse is trading at the moment.

“Therefore, we reckon the KLCI to possibly test the 1,615/20 levels today after a brief encounter yesterday.

“Plantation players which were largely ignored despite the solid crude palm oil (CPO) prices so far may see some buying interests going forward, ” Rakuten Trade said.

TimeCom was the top gainer, up 38 sen to RM14.30, Telekom added eight sen to RM6.17 while Axiata, Digi and Maxis added seven sen each to RM3.64, RM3.65 and RM4.54 respectively.

Magni-Tech jumped 20 sen to RM2.54, Petronas Gas 18 sen to RM16.18 and Genting Plantations 14 sen to RM9.34.

Hong Leong Bank was up eight sen to RM18.98.

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