KUALA LUMPUR (Feb 19): The FBM KLCI advanced 0.87% at midday break today, in line with the uptrend at regional markets.
The broader market performance at the local bourse was lifted by the advance at all indices at Bursa Malaysia.
At 12.30pm, the FBM KLCI rose 16.09 points to 1,854.37.
Gainers led losers by 479 to 122, while 534 counters traded unchanged. Volume was 1.36 billion shares, valued by RM885.42 million.
The gainers included Hengyuan Refining Company Bhd, Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, KESM Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd and Kuala Lumpur Kepong Bhd.
The actives included PUC Bhd, Sino Hua-An International Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Borneo Oil Bhd, Sumatec Resources Bhd and UMW Oil & Gas Corp Bhd.
The decliners included Apex Healthcare Bhd, Pharmaniaga Holdings Bhd, Ibraco Bhd, Hartalega Holdings Bhd, MNRB Holdings Bhd, Padini Holdings Bhd and United Malacca Bhd.
Shares in Singapore and the Philippines rose 1% on Monday, led by financials, as equity markets in the region followed a global recovery, after recent volatility that stemmed from concerns over rising inflation, according to Reuters.
Asia shares ex-Japan rose 0.5%, while Wall Street gained marginally on Friday. The rebound came after a global equity markets sell-off, triggered by worries that a rise in U.S. inflation may boost dollar funding costs, Reuters said.
Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said a bullish outlook on Wall Street has consistently been sighted, backed up by its sixth day winning streak, showing strong market gains.
“The S&P 500 index increased slightly to 2,732.22, showing its biggest weekly gain since 2013. The Dow Jones Industrial Average gained 19.01 points (0.1%) to 25,219.38.
“Global markets are anticipated to open higher, following announcement on no evidence of Russia’s interference in US 2016 general election. For the local market, the FBM KLCI is anticipated to open higher following US gains. Investors’ focus might be more to manufacturing, technology and plantation sector,” Dr Nazri said.