KLCI rebounds 0.35%; breadth remains weak

KUALA LUMPUR: The FBM KLCI rebounded on Tuesday in volatile trade but the broader market remained weak with over 600 counters in the red.

At 5pm, the benchmark index was up 5.4 points, or 0.35% to 1,554.58. Turnover was 2.75 billion shares valued at RM2.25bil.

Decliners hammered advancers with 640 losers against 331 gainers while 444 counters unchanged.

Dealers said investors remain cautious ahead of Bank Negara’s interest rate decision and first quarter (1Q) gross domestic product (GDP) announcements.

According to a Bloomberg poll, the country’s economy is expected to grow 3.3% year-on-year (y-o-y) in 1Q.

Moody’s Analytics projected that Malaysia’s economy had grown 1.1% quarter-on-quarter in 1Q, following the 6.6% expansion in Q421.

On Bursa Malaysia, Serba Dinamik’s shares continued to come under pressure. The counter tumbled 31.82%, or 3.5 sen to record low of 7.5 sen with 397.02 million shares done.

Serba Dinamik-WA shed 16.67%, or 0.5 sen to 2.5 sen with 31.67 million shares traded.

Among the gainers, Nestle rose 50 sen to RM131.90, PPB Group added 28 sen to RM16.66 and F&N gained 24 sen to RM22.14.

PMB Technology-LA tumbled RM1.90 to RM16.50, Malaysian Pacific Industries lost 90 sen to RM29.30 and Kuala Lumpur Kepong eased 50 sen to RM26.80.

Meanwhile, the ringgit was quoted at 4.3820, appreciating 0.07% against the US dollar. The dollar edged lower after touching a 20-year high overnight.

The local unit fell 0.49% to 5.4064 against the pound sterling, fell 0.22% to the Euro at 4.6261 and declined 0.28% against the Singapore dollar at 3.1552.