Local market sentiment remains weak despite Powell remarks

KUALA LUMPUR: The FBM KLCI failed to extend a rebound amid the weak market sentiment despite recent reassurances from US Fed chair Jerome Powell and a subsequent positive performance on Wall Street.

At 12.30pm, the country's main index was down 5.48 points to 1,568.54.

Global investors returned to equities as Powell said the central bank will not be hastening to hike interest rates despite the Fed's earlier signal that could be reviewing its policy sooner than expected.

Tech counters climbed on the news with the Nasdaq hitting a record high and its Asian counterparts following suit.

There was a mixed reaction in Bursa Malaysia's tech sector. MPI rose 92 sen to RM39.44 and Genetec added 49 sen to RM6.10 while KESM lost 20 sen to RM1.086 and MI Equipment shed 10 sen to RM3.49.

Meanwhile, Axiata was down two sen to RM3.99 and Digi dropped two sen to RM4.40 as investors took profit following the recent rally on news of progress in their merger.

In the spotlight today, Pekat made its debut on the Main Market of Bursa Malaysia, surging 52 sen or 162.5% above its listing reference price to 84 sen.

It was the top traded counter on the market with 206.99 million shares exchanging hands in the morning session.

Other top traded stocks were Focus unchanged at 4.5 sen and Saudee up one sen to 16 sen.

In Asian market, equities continued to rally as tensions over the US Fed's interest rate remarks cooled.

Japan's Nikkei was flat while South Korea's Kospi rose 0.4%.

In China's the main index was up 0.5% and Hong Kong's Hang Seng climbed 1.5%.

Australia's ASX200 fell 0.4%.
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Bursa Malaysia , FBM KLCI , equities


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