KUALA LUMPUR: Bursa Malaysia prolonged its rebound on Wednesday following some optimistic domestics developments as effectively as a powerful earnings-driven rally on Wall Street in a single day.
While features in US markets have been restricted by anticipation over the US Federal Reserve’s begin of the rate of interest hikes, sturdy company outcomes lifted all thee main indices between 0.8% and 1.3%.
At 9.10am, the FBM KLCI was up 12.65 factors to 1,542.74, bolstered additionally by the advance within the home unemployment fee, which suggests economic recovery.
Investors may be positioning forward of the height earnings interval later within the month.
“The upcoming batch of company earnings will probably be adopted intently that will present indicators of the earnings recovery as majority of the states moved into the Phase of 4 National Recovery Plan in 4Q21,” mentioned Malacca Securities Research in a report.
Among particular person sectors, tourism-related counters may be in focus following the National Recovery Council’s announcement yesterday to absolutely reopen worldwide borders in March 2022 with out obligatory quarantine.
Genting Malaysia jumped on the information within the earlier session and rose an extra two sen on Wednesday to RM2.97.
The optimistic information for tourism within the nation got here in tandem with the launch of the group’s Genting Skyworlds theme park, which is predicted to bolster customer footfall.
Investors flocked into AirAsia
shares, which was probably the most closely traded counter in early commerce. The airline rose three sen to 69 sen amid expectations of flight routes being reopened.
Blue chips on the FBM KCLI picked up on the bullish momentum. In the monetary sector, Maybank jumped eight sen to RM8.43, CIMB climbed 12 sen to RM5.36 advert Hong Leong Bank leapt 26 sen to RM19.96.
Press Metal resumed its climb on rising aluminium costs, including 14 sen to RM6.44 whereas Petronas Chemicals was additionally up 9 sen to RM9.14 on excessive crude oil costs.
In the telco sector, Axiata gained 5 sen to RM3.88 following by Digi including 4 sen to RM 3.87 and Maxis rising three sen to RM4.29.
