FBM KLCI edges up supported by buying interest

KUALA LUMPUR: Bursa Malaysia edged up on continuous buying support in index-linked counters, in line with regional markets.

At 5pm, the market barometer advanced 2.71 points, or 0.18% to 1,491.51 after moving between 1,497.24 and 1,487.34.

The broader market was positive, with 711 counters closing higher, versus 344 that fell and 379 that closed unchanged. About 3.94 billion shares, valued at RM3.07bil, changed hands.

The broadly upbeat mood comes as the U.S. Federal Reserve hinted that it would slow the pace of rate hikes as well as signs of some relaxation in China's strict zero-covid curbs.

PETRONAS Chemicals lifted the KLCI by 1.5347 points after rising 13 sen to RM8.67 with 4.71 million shares traded. Sime Darby Plantation contributed 1.5308 points to the index. It rose 15 sen to RM4.41 with 4.12 million shares changing hands.

On the broader market, Malaysian Pacific Industries surged RM3.90 to RM31.70, Panasonic Manufacturing rose RM1 to RM23.90, Kuala Lumpur Kepong gained 50 sen to RM21.40 and Heineken added 48 sen to RM25.48.

Infomina, the most active counter on Bursa Malaysia jumped 24 sen, 41.38% to 82 sen with 173.27 million shares done.

CGS-CIMB has initiated coverage on Infomina Bhd with an “add” call and a target price of RM1.15, implying 20 times calendar year 2024 price-to-earnings ratio (PER).

Elsewhere in the region, Japan’s Nikkei Stock Average closed up 0.92%, Hong Kong’s Hang Seng Index rose 0.75%, South Korea’s Kospi advanced 0.3% and Singapore’s Straits Times Index added 0.1%.

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KLCI , FBM KLCI , Bursa Malaysia


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