Bursa tracks higher on improved sentiment


KUALA LUMPUR: The FBM KLCI traced higher on Morning trade on the back of some positive news from embattled property giant China Evergrande.

The Chinese developer said yesterday it had resolved a coupon payment on an onshore bond, alleviating risk of a default on its US$300bil in debt.

At 12.30pm, Malaysia's benchmark index was up 8.4 points to 1,537.42, in line with a the relief rally seen in regional markets

Tenaga Nasional was a leading gainer, rising 12 sen to RM9.93 while financial and telco counters also supported a bounce on the index.

Axiata climbed seven sen to RM4.07, Maxis gained six sen to RM4.70 and Digi rose two sen to RM4.48.

In banks, Maybank put on three sen to RM8.12, Public Bank rose three sen to RM4.07, CIMB advanced four sen to RM4.84 and Hong Leong Bank climbed 22 sen to RM18.68.

On the broader market, technology counters extended an uptrend on a rosy demand outlook. Bursa Malaysia Technology Index rose 1.6%, marking a third straight day of gains for the sector, which has been trading at two-decade highs.

Genetech jumped RM3.40 to RM39.28, MPI rose 74 sen to RM45.76 and Unisem climbed 36 sen to RM8.91.

Of actives, DNeX jumped 5.5 sen to 82.5 sen, Bintai Kinden rose two sen to 67 sen and KNM was unchanged at 23 sen.

In key Asian markets, China's main index was up 0.6% while Hong Kong's Hang Seng rose 0.7%. Japan's Nikkei however dropped 0.6% and South Korea's Kospi slid 0.3%.

Australia's ASX200 was up 1%.
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Bursa Malaysia , FBM KLCI , equities

   

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