KUALA LUMPUR: The FBM KLCI rebounded on Friday after two days of losses, driven by gains in banking stocks despite cautious broader market sentiment and mixed regional cues.
The market bellwether ended the session 9.99 points, or 0.58%, higher at 1,740.88, easing from its intraday high of 1,744.82 and registered a 3.62%, or 60.77 points, gain for the month.
Broader market sentiment remained cautious, with losers outnumbering gainers despite active trading of 2.73 billion shares valued at RM3.43bil, pointing to selective rather than broad-based buying.
Dealers said gains in banking stocks helped lift the market, even as overall risk appetite remained measured.
They added that sharp swings in Indonesia’s market amid governance concerns and MSCI-related jitters kept sentiment cautious, prompting investors to favour defensives and blue chips.
Gainers were led by Hong Leong Bank, which jumped RM1.48 to RM25.80, followed by F&N, which rose RM1.34 to RM35.76, Hong Leong Financial Group, which added 64 sen to RM22.34, and Heineken Malaysia
, which gained 44 sen to RM23.94.
Other banking stocks were also firmer, with RHB Bank up 35 sen to RM8.45, Maybank adding 16 sen to RM11.80, CIMB gaining 11 sen to RM8.58 and Public Bank edging up two sen to RM4.87.
On the downside, Nestlé Malaysia tumbled RM2 to RM112, while United Plantations slid 34 sen to RM30.24, Batu Kawan fell 22 sen to RM19.36 and Carlsberg Malaysia declined 22 sen to RM19.36.
According to data from Bursa Malaysia, foreign investors remained net sellers on Thursday, offloading RM105mil worth of local equities, while local institutions and retailers stepped in with net purchases of RM66mil and RM39mil respectively.
Meanwhile, the ringgit weakened 0.27% against the US dollar to 3.9400 but edged 0.04% higher against the Singapore dollar to 3.1075.
Elsewhere in the region, Japan’s Nikkei 225 declined 0.1% to 53,322.85 while South Korea’s Kospi gained 0.06% to 5,224.36.
Hong Kong’s Hang Seng slid 2.08% to 27,387.11 and Singapore’s Straits Times Index declined 0.45% to 4,908.09.
China’s blue-chip CSI 300 Index closed down 1% to 4,706.34 while the Shanghai Composite Index fell 0.96% to 4,117.95.
