FBM KLCI stays in range-bound trading ahead of peak earnings period

KUALA LUMPUR: The FBM KLCI continued trading in a narrow range and ended the morning session little changed as investors awaited corporate earnings results.

At 12.30pm, the benchmark index was up 0.16 points to 1,497.71. There were 425 gainers compared with 384 decliners, indicating a positive bias in the market.

Trading volume was 2.55 billion shares valued at RM1.08bil.

Asian markets saw a pick-up in trading activity as China reopened for business following a week-long Lunar New Year holiday.

The country's composite index was up 0.7% to 3,288 amid buoyant sentiment over the relaxation of economic restrictions and a surge in holiday travelling.

Hong Kong's Hang Seng, which reopened from its own holiday last Thursday, slumped 1.6% to 22,320 as investors took profit from the recent technology rally.

South Korea's rally also fizzled as it dropped 1.2% to 2,453 and Australia's ASX200 was on course to end the day little changed from last Friday's close at 7,491.

Back home, the financial sector, which was one of the leading laggards of the previous week, found its footing as US economic data pointed to a potential soft landing.

Maybank rose two sen to RM8.76, Public Bank gained one sen to RM4.26, CIMB added two sen to RM5.76 and Hong Leong Bank was unchanged at RM20.80.

PETRONAS Gas gained 22 sen to RM17.22, Sime Darby Plantation added two sen to RM4.30 and MISC rose 10 sen to RM7.30.

Of actives, Borneo Oil rose 0.5 sen to two sen, Nylex climbed four sen to 58.5 sen and Velesto gained one sen to 23 sen.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

Gamuda and Castleforge to acquire Wessex Winchester Propco for RM1.39bil
FBM KLCI falls 3.1 points to close at intraday low
Sunway Dora achieves 89% take-up rate
SC expects capital market to stabilise in 2H23
Govt to complete subsidised diesel control system draft by 2H23: Ahmad Maslan
Infomina bags RM23.9mil purchase order from Philippines National Bank
Asian FX tumbles after turmoil in global banking system returns
Vietnam's VPBank completes US$1.5bil stake sale to Japan's Sumitomo Mitsui
Sundra Rajoo returns to helms AIAC
First Citizens to buy Silicon Valley Bank, FDIC says

Others Also Read