FBM KLCI recoups losses for the week

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KUALA LUMPUR: The FBM KLCI continued its rebound for a second day, erasing the losses from Monday’s selldown and turning the index positive for the week.

At 12.30pm, the key index was up 8.58 points to 1,594.48, lifted by further government aid via the Pemerkasa Plus package as well as growing confidence in the country’s ongoing vaccination programme.

Trading turnover on the market remained robust as investors capitalised on the volity in equities. Investors traded 4.2 billion shares valued at RM2.16bil in the morning session.

Financial heavyweights continues to gain momentum after Monday’s selldown on concerns over the economic recovery.

Maybank rose four sen to RM8.24, Public Bank gained one sen to RM4.22, Hong Leong Bank jumped 20 sne to RM18.40 and CIMB added seven sen to RM4.52.

There was also positive price action in telcos ledby Axiata rising nine sen to RM3.81 and Digi up six sen to RM4.29. Maxis dropped four sen to RM4.59.

The jump in Brent crude prices past the US$70 a barrel mark lifted energy counters.

The Bursa Malaysia Energy Index rose 0.4% with leading counters including Dialog up four sen to RM2.95, Yinson gaining three sen to RM5 and Hengyuan rising two sen to RM5.25.

Serba Dinamik managed to halt its decline amid its audit woes, rebounding three sne to 86.5 sen.

Meanwhile, data showing US manufacturing activity in May on the rise put investors in a bullish mood.

Investors are on the lookout for signs of continued recovery in the world’s biggest economy, and will be keenly focused on US jobs data due on Friday.

Japan’s Nikkei rose 0.4% and South Korea’s Kospi gained 0.1%.

In China, the main index was down 0.7% while Hong Kong’s Hang Seng dipped 0.5%, a day after a rally in healthcare counters following the announcement of a third-child policy.

Australia’s ASX200 grew 1%.



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