FBM KLCI down amid gobal tech rally

KUALA LUMPUR: The benchmark FBM KLCI was subdued on Thursday as investors awaited the release of corporate earnings even as key regional markets surged on a rally in technology stocks.

At 12.30, the key local index was down 7.18 points to 1,545.22. The broader market was negative with 464 decliners to 396 gainers and 47 unchanged.

The trading volume was 2.03 billion shares changing hands for RM1.1bil.

Among the leading decliners dragging the blue-chip index were Kuala Lumpur Kepong falling 22 sen to RM22.38, Tenaga sliding 12 sen to Rm11.26 and PPB shedding 32 sen to RM15.18.

The Bursa Malaysia tech plays were lifted along with global tech stocks, including Vitrox up nine sen to RM7.20, Unisem up five sen to RM3.27 and D&O rising five sen to RM3.49.

Overnight, Nvidia announced forecast-beating results, which affirmed optimism for the AI theme, sparking a rally in global tech counters.

The spillover effect brought Japan's Nikkei 225 to a fresh historical record of 39,029, surpassing its previous record of 38,957.44.

At the time of writing, the index remained near its new historical peak, up 1.85% at 38,971.

In China, the composite index was also boosted by a jump in artificial intelligence counters, rising 0.5% to 2,965.

Hong Kong's Hang Seng was up 0.15% to 16,528.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!


Next In Business News

Oil settles up on Mideast tensions, posts weekly loss
Will EVs take off in Malaysia?
MAS keeps currency policy unchanged to fight elevated inflation
Adnoc decides BP is not the ‘right fit’
Vietnam VinFast’s challenges pose risk to Vingroup
Right time to tap into alternative investments
Singapore economy expands 2.7% in 1Q
Unlocking success
Traders bet ECB will chart own rate-cut path
Nextgreen IOI Pulp in production facility deal

Others Also Read