Press Metal, commodities lead FBM KLCI lower


KUALA LUMPUR: The FBM KLCI stayed ahead of the 1,550 psychological resistance at midday as Press Metal and other commodity plays lifted the benchmark.

At 12.30pm, the key index was up 6.53 points to 1,550.94 while the overall market was evenly distributed with 429 gainer and 430 decliners.

Press Metal gained 25 sen to RM5.29, Petronas Chemicals climbed seven sen to RM10.06 and Petronas Gas rose 20 sen to RM17.22.

In financial services, Public Bank added three sen to RM4.56, CIMB gained three sen to RM5.07 and Hong Leong Bank was up 10 sen to RM20.76.

Maybank however dipped one sen to RM8.95.

Oil and gas stocks on the broader market were also up on the advance in Brent crude prices as investors awaited the reopening of China's economy.

Sepura Energy jumped 3.5 sen to eight sen as the top traded counter of the day on the back of 692.76 million shares.

Serba Dinamik surged seven sen to 19 sen as it continued its price recovery following the settlement of the compound levied on the company and its top executives.

In Asian markets, shares edged cautiously higher with inflation fears keeping a lid on prices.

Japan's Nikkei gained 0.3%, South Korea's Kospi climbed 0.8% and China's composite index was up 0.3%.

Hong Kong's Hang Seng surged 2.2% as tech stocks rebounded from multi-year lows.

Australia's ASX200 added 0.3%.

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Bursa Malaysia , FBM KLCI , equities

   

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