Rally continues as US stocks surge overnight

KUALA LUMPUR: The rally on Bursa Malaysia continued on Wednesday following a strong performance on Wall Street overnight as investors picked up bargains in an oversold market.

At 9.05am, the FBM KLCI was up 4.93 points to 1,553.53. There were twice the number of gainers compared with losers at 223 to 112.

"We are expecting that the broad-based recovery on the local bourse could extend in tandem with the rebound on Wall Street overnight following the release of retail sales data in April and optimism on China’s announcement on easing lockdowns," said Malacca Securities Research.

On the blue-chip index, Petronas Chemicals took the lead with a six sen jump to RM10.08.

Press Metal, which led gains in the previous session, pared six sen to RM5.32.

Banks, meanwhile, were mostly higher with Hong Leong Bank gaining 14 sen to RM20.88, CIMB adding two sen to RM5.08 and Public Bank rising one sen to RM4.54. Maybank however was down two sen to RM8.93.

Technology counters were buoyed by the strong showing on the Nasdaq overnight. MPI added 70 sen to RM32.40, Vitrox rose 22 sen to RM7.47 and Greatech climbed eight sen to RM3.83.

Among the most active stocks, Sapura Energy was flat at 7.5 sen, Technax dropped 3.5 sen to 4.5 sen and Serba Dinamik was unchanged at 16.5 sen.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Bursa Malaysia , FBM KLCI , equities


Next In Business News

Trading ideas: Glomac, Khee San, Hiap Teck Ventures, Gamuda, SCGM and Bintai Kinden
S.Korean manufacturers' sentiment in July sinks to lowest for 1-1/2 years
Thai PM says weak baht good for exports; Malaysians among top tourists
S&P 500 limps to slightly lower close as quarter-end looms
ANALYSIS-Markets challenge Fed timeline, threatening more swings in Treasuries
Oil price slides 2% on rising US fuel stocks and output
Nod for Axiata and Telenor
Toyota misses May global output target
FBM KLCI poised to breach 1,600 points
Allianz renews bancassurance partnership with HSBC in Asia

Others Also Read