FBM KLCI picks up 10 pts as recovery accelerates

KUALA LUMPUR: The recovery on the domestic market accelerated on Monday as investors picked up bargains after the recent bout of selling.

Bursa Malaysia's benchmark index rose 9.95 points to 1,57.52, which has nearly erased all the losses recorded following the downturn in sentiment over the state of global inflation.

The buying activity was broad-based with 658 stocks rising compared to 320 in the red, and 377 unchanged.

Trading volume was two billion shares changing hands for RM1.24bil.

Leading actives on the market were Bina Puri down 0.5 sen to 7.5 sen, Ingenieur flat at 14 sen and PM Holdings up two sen to 23 sen.

Keyfield International, which made its debut on the Main Market today, surged to RM1.86 at the lunch break, representing more than double its initial public offering price of 90 sen a share.

The share was the day's most active with 85.94 million shares changing hands.

The rally on Bursa Malaysia was a part of a wider global market trend as equities gravitated higher on subsiding fears over the spread of the Middle East conflict.

Over the weekend, Iran authorities downplayed the suspected Israeli attack on the province of Isfahan.

Japan's Nikkei rose 0.3% while South Korea's Kospi rose 1% to 2,616.

The Shanghai Composite index was down 0.5% to 3,050 but Hong Kong's Hang Seng climbed 1.7% to 16,506 after China's market regulator unveiled a series of market reforms to enhance the city's financial hub status.