KLCI closes higher but broader market weak

KUALA LUMPUR: The FBM KLCI ended higher on Thursday with continuous buying from foreign funds but the broader market was weak in line with the cautious key Asian markets.

At 5pm, the FBM KLCI was up 6.31 points or 0.4% to 1,569.51.

Turnover was 3.45 billion shares valued at RM2.14bil. The broader market weakened with 642 losers to 343 gainers and 398 counters unchanged.

Dealers noted that foreign investors were seen returning to the market and expected risk appetite to improve as Omicron’s fears subside.

In terms of fund flows, foreigners and retailers were net buyers on Wednesday acquiring equities worth RM76mil and RM3mil respectively.

Local institutions emerged as net sellers, offloading RM80mil worth of equities.

On the external front, Japan’s Nikkei shed 0.96% to 28,489.13, South Korea Kospi fell 0.35% to 2,962.09, China’s CSI 300 lost 1.64% to 4,765.92 and Hong Kong’s Hang Seng index rose 0.11% to 24,429.77.

Panasonic Manufacturing was the top gainer on Bursa Malaysia, rising 66 sen to RM29.78, followed by Fraser & Neave, which climbed 30 sen to RM24.74, and Hong Leong Bank, which rose 30 sen to RM20.

Petronas Gas advanced 28 sen to RM17.16, RHB Bank gained 16 sen to RM5.89, Petronas Chemicals added 15 sen to RM9.15 and PPB group rose 14 sen to RM16.80.

Hartalega fell 17 sen to RM5.72, Hong Leong Financial Group lost 14 sen to RM18.56 and Inari shed 12 sen to RM3.56.