Blue chips stage mild rebound, Maybank and Tenaga lead


KUALA LUMPUR: Blue chips staged a mild rebound early Friday after the FBM KLCI neared the crucial 1, 500 level the previous day, with Maybank and Tenaga Nasional among the bigger gainers.

At 9.13am, the KLCI was up 4.28 points or 0.28% to 1, 512.99. Turnover was 398.04 million shares valued at RM219.78mil. There were 284 gainers, 149 losers and 282 counters unchanged.

Bloomberg reported Asian shares followed US equities lower Friday on growing anxiety that the spread of Covid-19 variants could hamper the global economic recovery. Treasuries trimmed a rally.

Stocks fell in Japan, Australia and South Korea. Futures were steady in Hong Kong, where a key gauge of Chinese stocks is near a bear market. U.S. contracts fluctuated after the S&P 500 and Nasdaq 100 retreated from records.

On the outlook for the KLCI, Rakuten Trade said uncertain political developments may continue to plague the local bourse exacerbated by the spike in Covid cases.

“Though we saw some buying support as the KLCI approached the1, 500 mark, weak market undertone may add pressure to the index today. We reckon continued selling may see the index to test the 1, 480 level which is deem as a stronger support level, ” it said.

KL Kepong rose 10 sen to RM19.58, Maybank five sen to RM8.08, Tenaga four sen to RM9.66, CIMB three sen to RM4.46, Top Glove also three sen to RM3.75 while adding three sen each were Genting and GentingM to RM4.81 and RM2.78

Genetec regained its momentum, climbing 68 sen to RM17.68, Hightec 47 sen to RM4.81, Paragon Globe 15.5 sen to 91.5 sen and Boxpax 15 sen to RM1.39.

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