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KUALA LUMPUR: The KLCI FBM advanced for the fourth day in a row as financial stocks continued to gain weight on follow-up buy support.
At 12.30pm, the key index rose 6.98 points to 1,653.51 while Public Bank rose another 18 sen to a 17-month high of RM20.04.
Maybank’s financial heavyweight also rose four sen to RM8.42 while CIMB added 14 sen to RM4.19
Given the rally in FBM KLCI, there are expectations that the market could pull back on profit-taking as investors digest the profits.
“The KLCI FBM may be slightly overbought after yesterday’s gap-up formation. Therefore, the key index may be due to a slight pullback as health stocks may drag the index today,” Malacca Securities Research said.
Hartalega
It lost 28 sen to RM14.38 although Top Glove rose 14 sen to RM6.98 thanks to its positive earnings announcement yesterday.
Meanwhile, among lower lines Tasco rose 23 sen to RM3.08, hitting a new all-time high on the back of its alliance with GD Express Carrier.
AirAsia X it was one of the most actively traded accountants, gaining 0.5 sen to nine sen amid an expected reversal in the airline’s fortunes.
Other stocks traded include XOX unchanged at 11 sen and flat Trive at 1.5 sen.
In Asian markets, stock prices fell amid stalled stimulus talks in the United States, while a fall in tech stocks on Wall Street raised fears of an imminent correction.
Japan’s Nikkei fell 0.1%, while South Korea’s Kospi fell 0.4%>
China’s Composite Index was up 0.25% and Hong Kong’s Hang Seng was down 0.5%. In Australia, the ASX 200 fell 0.4%.
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