FBM KLCI retraces earlier losses, regional markets remain subdued

KUALA LUMPUR: Malaysia's benchmark stock index bounced back as it entered the lunch break, with some strong gains in certain heavyweights.

At 12.30pm, the FBM KLCI was up 0.54 points to 1,453.64 and the broader market turned positive with 512 gainers compared to 383 decliners.

The overall trading volume picked up to 3.07 billion shares valued at RM1.42bil.

On the blue-chip index, YTL Power was seen surging 17 sen to RM2.74 while YTL Corp added eight sen to RM2.

Nestle gained RM1.20 to RM118.90 while PPB added 14 sen to RM14.42.

Among banks, Hong Leong Bank fell 16 sen to RM18.50 but parent company Hong Leong Financial Group rose 14 sen to RM16.50.

Maybank dipped three sen to RM8.89, RHB fell four sen to RM5.41 and Public Bank shed one sen to RM4.27 while AMMB gained three sen to RM4.06.

Among market highlights, Edaran soared 29.5 sen to RM1.21, Hextar Technologies gained 78 sen to RM22.90 and Crescendo gained 19 sen to RM2.64.

Active counters included MMAG up 3.5 sen to 16 sen, Fitters unchanged at 5.5 sen and Widad flat at 48.5 sen.

Heavily traded glove counters included Top Glove rising 3.5 sen to 94.5 sen and Careplus gaining 3.5 sen to 44.5 sen.

In Asian markets, there was a sell-off in equities as investors awaited the release of the US Federal Open Market Committee meeting minutes later tonight.

There are fears the recent strong rally in equities markets was overdone and much-sought-after signals the Fed will soon begin cutting interest rates will not be in the details of the meeeting.

In China, the composite index was down 0.2% to 2,957 and Hong Kong's Hang Seng fell 1.2% to 16,583.

Japan's Nikkei slid 0.2% to 33,464 while South Korea's Kospi dove 2.1% to 2,614.