FBM KLCI sees slight gains amid global rebound

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KUALA LUMPUR: The FBM KLCI remained mildly positive amid the global rebound as investors considered the recent selldown on future US Fed rate hikes was overdone.

At 12.30pm, the key index was up 2.45 points to 1,574.69.

A strong rally on Wall Street hat lifted the Dow Jones Industrial Average by 1.8% marked the return of recovery momentum in equities as investors returned their attention to the improving Covid situation and reopening economies.

Financial heavyweights helped to lift the local market amid the improved sentiment.

Maybank rose two sen to RM8.20, Public Bank added one sen to RM4.19, CIMB added to one sen to RM4.60 and Hong Leong Bank gained four sen to RM18.90.

Investors flocked to Axiata and Digi shares as their merger plans progressed. Axiata rose three sen to RM4.01 while Digi was up 12 sen to RM4.44.

Meanwhile, Press Metal retraced some previous session losses, rising five sen to RM4.80.

Glove stocks however resumed their downtrend with Hartalega slumping 17 sen to RM 8.21 while Top Glove shed two sen to RM4.65.

In Asian markets, Japan’s Nikkei climbed 3% while South Korea’s Kospi rose 0.8%.

China’s main index was also up 0.8% and Hong Kong’s Hang Seng stayed flat.

Australia’s ASX200 was up 1.7%.



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