KUALA LUMPUR: The FBM KLCI entered the midday break slightly higher on the back of positive performances led by Maybank and CIMB.

At 12.30pm, the benchmark index erased earlier losses to gain 2.15 points to 1,527.69.

Trading on Bursa Malaysia remained subdued with 1.43 million shares exchanging hands for RM978.07mil.

Bank counters advanced with Maybank rising six szen to RM8.14, CIMB climbing nine sen to RM5.19 and Hong Leong Bank adding four sen to RM18.36. Public Bank was down one sen to RM4.06.

IHH rose eight sen to RM6.63 while Sime Darby Plantation gained five sen to RM4.01 and IOI put on three sen to RM3.85.

Melaka Securities Research said buying interest could be returning to the market following the conclusion of the Melaka state election.

However, it said the upside might be limited given the concerns over the resurgence of Covid-19 cases in Euruopean countries, which could dampen the economic recovery going forward.

The research firm pegged the support at 1,510 and resistance at 1,540-1550.

On the broader market, tech counters were buoyed by the recent strong performance in the US Nasdaq.

KESM rose RM1.32 to RM14.40, MPI added 60 sen to RM48.50 and Vitrox gained 52 sne to RM20.32.

Most active stocks were PDZ unchanged to six sen, Metronic down 0.5 sen to two sen and NWP flat at 34.5 sen.

In global markets, investor sentiment was mixed over a slide in energy prices amid expectations of increased supply.

Japan’s Nikkei was unchanged while South Korea’s Kospi rose 1.3%. In China’s the cimposite index rose 0.65% but Hong Kong’s Hang Seng dropped 0.35%.

Australia’s ASX200 fell 0.5%.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *