KLCI rebounds after early jitters to end midday session higher


KUALA LUMPUR: The FBM KLCI ended the morning trading session higher due to buying interest in selected heavyweights, amidst stronger regional performance.

At 12.30pm, the FBM KLCI added 1.43 points, or 0.1% to 1,483.13, with 17 of the component stocks ending higher.

Rakuten Trade Sdn Bhd said despite facing with numerous headwinds, Wall Street staged a relief rally last Friday as all three major indices closed broadly higher.

“On the back of the strong performance on Wall Street, we reckon regional markets to ride on the uptrend hence expect to see the local bourse to improve today.

“Therefore, we anticipate the index to trend between the 1,430-1,445 range today,” it said.

Meanwhile, crude palm rebounded to almost the RM4,900 a tonne level with the Brent also ended higher at US$113 per barrel.

Mercury Securities expects the local bourse to increase in lockstep with the strong gains on Wall Street last Friday.

Nestle topped the gainers’ list on Bursa Malaysia, jumping RM1.30 to RM133.90.

Malaysian Pacific Industries rose 62 sen to RM28.62, Hengyuan gained 32 sen to RM4.84 and Petron Malaysia added 31 sen to RM5.71.

Among the losers, Heineken fell 26 sen to RM24.02, United Plantations lost 20 sen to RM14.10, F&N eased 16 sen to RM20.42 and Tenaga declined 15 sen to RM8.04.

On the external front, China’s CSI300 index rose 1.3% to 4,449.70 points while Hong Kong’s Hang Seng index added 3.2% to 22,403.53.

Japan’s Nikkei share average rose 1.04% to 26,768.77 by the midday break.

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FBM KLCI , KLCI , Bursa Malaysia

   

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