Investors take to the sidelines ahead of Budget 2022


KUALA LUMPUR: There was a mildly positive albeit cautious mood on the domestic market as investors put a pause on profit-taking activities.

At 12.30pm, the FBM KLCI was up 2.48 points to 1,590.56.

The market breadth was slightly negative with 493 decliners compared to 415 gainers.

Bank stocks managed to stabilise after the recent profit-taking and rose cautiously, with investors uncertain over the government's planned initiatives to stimulate economic growth in the coming national budget.

Maybank was up four sen to RM8.19, CIMB rose one sen to RM5.24, Public Bank added one sen to RM4.24 and Hong Leong Bank gained four sen to RM18.82.

Telcos were also slightly improved with Axiata gaining two sen to RM4.02, Maxis rising two sen to RM4.80 and Digi edging one sen higher to RM4.34.

Press Metal climbed three sen to RM5.78 while Sime Darby Plantation added four sen to RM4.32.

In regional markets, optimism over a raft of corporate earnings to be announced this week helped to lift equities prices.

Elevated commodities prices have also facilitated a a risk-on mood in equities markets, although energy prices have been seen tapering off from recent highs.

China's main index edged higher 0.4% an Hong Kong's Hang Seng added 0.1% as market recovered slightly from regulatory fears.

Japan's Nikkei was down 0.9% while South Korea's Kospi rose 0.3%.

In Australia, the ASX200 was up 0.4%.
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Bursa Malaysia , FBM KLCI , equities

   

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