KLCI rebounds 0.32%, broader sentiment stays weak

KUALA LUMPUR: The FBM KLCI clawed back to above the 1500-point level after yesterday’s sell down, but the broader market remained weak with over 700 counters in the red.

The 30-stock KLCI rose 4.81 points, or 0.32% to 1,501.74, its intra-day high.

Sellers led buyers by 716 to 272, while 394 counters traded unchanged. Volume stood at 3.73 billion shares, valued at RM3.06bil.

Dealers said sellers dominated the market as Omicron concerns keep investors on edge. They said the remarks by Federal Reserve Chair Jerome Powell also weighed on stock markets.

PPB Group was the top gainer on Bursa Malaysia, rising 44 sen to RM17.50, followed by Tafi, which rose 23 sen to RM2.29, Kuala Lumpur Kepong gained 22 sen to RM20.82 and Panasonic Manufacturing advanced 20 sen to RM29.70.

Genetec tumbled RM1.20 to RM37.60, MPI shed RM1 to RM50, F&N lost 52 sen to RM24.28 and Sam Engineering fell 38 sen to RM20.40.

Among the KLCI component stocks, CIMB rose 13 sen to RM5.16, Digi added 11 sen to RM4.19, Top Glove gained seven sen to RM2.81, Petronas Dagangan fell 14 sen to RM19.78 and Hartalega declined 11 sen to RM6.18.

Bursa Malaysia and its subsidiaries will be closed tomorrow in conjunction with the public holiday for the Federal Territories of Kuala Lumpur, Putrajaya and Labuan announced by the Federal Territories Minister on Tuesday.

Meanwhile, Brent crude oil added US$1.22, or 1.77%, to US$70.09 a barrel while US crude oil futures climbed US$1.08, or 1.65%, to US$66.65 per barrel.

Around the region, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.35%.

Japan’s Nikkei 225 settled 0.65% lower at 27,753.37 while South Korea’s Kospi closed up 45.55 points, or 1.57%, at 2,945.27.

China’s CSI300 index rose 0.3% to 4,856.16, while the Shanghai Composite Index lost 0.1% to 3,573.84.