Tenaga, HL Bank underpin KLCI’s early rebound

KUALA LUMPUR: Tenaga Nasional and Hong Leong Bank underpinned the FBM KLCI’s early rebound on Thursday while key Asian markets were mixed.

At 9.34am, the KLCI was up 6.79 points or 0.45% to 1, 519.11. Turnover was 789.78 million shares valued at RM400mil. There were 294 gainers, 226 losers and 351 counters unchanged.

Bloomberg reported Asian stocks were mixed early Thursday as traders await China growth data and digest Federal Reserve Chair Jerome Powell’s signal that more US economic progress is needed before stimulus can be pared back.

Japanese shares slipped but Australia and South Korea edged up. U.S. contracts fluctuated after modest S&P 500 and Nasdaq 100 gains on Powell’s reassurance over accommodative policy and reiteration that high inflation will likely moderate. Treasury yields and the dollar held retreats.

A raft of key Chinese reports are due later, including gross domestic product growth, amid a debate on whether the Asian nation’s economic rebound from the pandemic is peaking, it reported.

At Bursa, Yenher Holdings Bhd made a steady debut on the Main Market, opening at 99.5 sen or 4.5 sen above its offer price of 95 sen. However, it slipped 3.5 sen to 91.5 sen later.

Tenaga rose 15 sen to RM9.77, HL Bank 16 sen to RM18.34, Hartalega and PPB Group 10 sen each to RM7.36 and RM18.32.

Quality surged 30 sen to RM1.32, TOcean 14 sen to RM4.40 and Kossan 10 sen to RM3.17.

Serba Dinamik was the most active, edging up one sen to 42 sen.

Widetec fell 15 sen to RM4.15, TimeCom 12 sen to RM14, Hightec six sen to RM4.63 and OCB seven sen to RM1.09.

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Yenher , IPO , China growth data , Fed


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