FBM KLCI bucks regional trend to end at intraday high

KUALA LUMPUR: The FBM KLCI bucked the regional trend to end higher for three straight sessions amid a cautious broader market.

The 30-stock index closed up 14.12 points, or 0.91% to 1,564.29. The market traded within a range of 18.1 points between an intra-day high of 1,564.29 and a low of 1,546.19 during the session.

The overall breadth of the market was cautious with 639 losers while 357 stocks advanced. Volume stood at 4.15 billion units valued at RM2.83mil.

Dealers said the local bourse was lifted mainly by banking stocks and the broader market remained cautious as investors monitor the release of the US inflation rate.

Nestle, the top gainer on Bursa Malaysia, jumped RM1.40 to RM133.80. Hong Leong Financial Group surged RM1.04 to RM18.80, Hong Leong Bank rose 70 sen to RM19.90 and Petronas Dagangan advanced 60 sen to RM19.66.

RHB Bank rose 32 sen to RM5.78, Maybank added 16 sen to RM8.50, Public Bank climbed five sen to RM4.23.

Among the losers, MPI tumbled RM1.34 to RM46.56, ViTrox shed 82 sen to RM18.30, KESM fell 38 sen to RM12.22 and Greatech lost 33 sen to RM5.88.

Meanwhile, oil prices rise on renewed risk appetite and tight supply.

US light crude oil rose 43 cents to US$78.66 a barrel and Brent added 29 cents to US$81.16 per barrel.

On the external front, MSCI's broadest index of Asia-Pacific ex-Japan rose 0.2% after slipping much as 0.3%.

Japan’s Nikkei 225 fell 0.9% to close at 28,222.48, while South Korea’s Kospi closed up 0.66 points, or 0.02%, at 2,927.38.

Hong Kong’s Hang Seng index closed down 7.48 points to 23,739.06.

China’s CSI300 index fell 1.0% to 4,797.77, while the Shanghai Composite Index lost 0.7% to 3,567.44.