FBM KLCI makes mild rebound amid weak sentiment


KUALA LUMPUR: Despite expectations of a rebound on the FBM KLCI, there was only a mild gain chalked up in the morning session as investors remained wary over the slow progress of the National Recovery Plan.

At 12.30pm, the key index was up 1.27 points to 1,533.63.

While observers are looking ahead towards Bank Negara’s interest rate decision later this week, expectations are that the central bank will maintain the status quo to offer support to the economy.

Press Metal helped to shore up the market as it rose 20 sen to RM5.06.

However, financial heavyweights remained weak amid the negative sentiment over the economy.

Maybank dropped three sen to RM8.10, Public Bank slid one sen to RM4.11, CIMB dipped one sen to RM4.60 and Hong Leong Bank lost four sen to RM18.76.

On the actives list, Serba Dinamik topped investor interest with 836.91 million shares traded. The counter rose 2.5 sen to 51. sen.

Metronic was also heavily traded, falling 1.5 sen to six sen and Sapura Energy dipped 0.5 sen to 12.5 sen.

In Asian markets, results were mixed as Wall Street remained shuttered overnight for the Fourth of July weekend.

Japan’s Nikkei and South Korea’s Kospi were each up 0.4% while China’s main index dropped 0.5%.

Hong Kong’s Hang Seng slid 0.6% while Australia’s ASX200 remained flat.

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