FBM KLCI stabilises as bank stocks find footing

KUALA LUMPUR: The domestic market started Wednesday on a mild rebound after a sell-off in financial counters in the previous session as investors worried over the government's proposal that lenders waive interest fees on deferred loans.

At 9.05am, the FBM KLCI was up a fraction of a point to 1,556.18 a investors remained cautious over further developments on the proposal.

Bank stocks found their footing after the recent losses, which saw the Bursa Malaysia Finance Services Index drop 1.1% in a single session.

"Concerns over the possible interest rate exemption for loan moratorium repayments, coupled with the possibility of imposing windfall tax spooked the market.

"Howeveer, we believe the market may be turning oversold soon and likely to see bargain-hunting activities to emerge," said Malacca Securities Research.

Maybank rose one sen to RM8.30, Public Bank added one sen to RM4.01, CIMB grew two sen to RM4.80 and Hong Leong Bank bounced 20 sen higher to RM18.66.

In other sectors, IHH was up eight sen to RM6.62 while Press Metal gained nine sen to RM5.67.

On the broader market, Kelington rose 13 sen to RM1.57 following a surprise job win while D&O climbed 13 sen to RM5.68 and Toyoven added 10 sen to RM2.66.

Most active counters were Emico up three sen to 47 sen, Bintai Kinden adding one sen to 54 sen and Tanco rising 0.5 sen to 24 sen.
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Bursa Malaysia , FBM KLCI , equities


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