Mild optimism on China rebound, vaccination rates


KUALA LUMPUR: The FBM KLCI looked set for another session of mild gains on Thursday as gains remained capped by the persistently high number of new Covid-19 infections in the country.

The market remained firmly in consolidation as investors continued to look ahead for signs of relief from the pandemic amid the climbing vaccination rate.

At 12.30pm, the FBM KLCI was 1.71 points higher to 1,515.1.

Notable gainers included Petronas Chemicals up 12 sne to RM8.11, Axiata rising four sen to RM3.86 and Press Metal gaining four sen to RM4.88.

In gloves, Top Glove fell five sne to RM3.95 while Hartalega slid six sen to RM7.28.

There was a mild rebound in the technology sector as local investors tracked Hong Kong's tech counters higher after the recent selldown in Chinese markets.

Among top gainers, MPI was up 84 sen to RM42.46 and Vitrox rose 60 sen to RM19.16.

Of actives, PUC was up one sen to 19 sen, Tanco rose four sen to 20.5 sen and Euro gained 20.5 sen to 92 sen.

In Asian markets, Chinese regulators held meetings with executives of investment banks in an effort to calm nerves following the recent sell-off in the education, tech and property sectors.

The move triggered a regional rebound as investors poured into oversold counters.

China's composite Index rebounded 1% while Hong Kong's Hang Seng jumped 2.75%.

Japan's Nikkei rose 0.7% while South Korea's Kospi stayed flat.

Australia's ASX200 was up 0.4%.
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