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KUALA LUMPUR: Public Bank and Hong Leong Bank supported the early advance of FBM KLCI on Wednesday, as Asian markets were bullish on Wall Street’s strong overnight close on stimulus hopes.
At 9:07 a.m. M., The KLCI was up 14.22 points or 0.85% at 1,688.24. The turnover was 695.92 million shares valued at RM306.10 thousand. The overall market was strong with 505 winners to 134 losers and 348 counters unchanged.
JF Apex Research expected Bursa to trade higher at its 1,695 resistance level for the KLCI due to positive overnight results posted by overseas markets.
Bloomberg reported that Asian stocks rose after their US peers halted a four-day losing streak as Congress moved toward a spending package that would boost the economy.
Shares in Tokyo, Sydney and Seoul opened with gains after the S&P 500 rebounded from its longest slide since September.
In Bursa on Tuesday, local retail investors were net buyers at RM138.4k, which offset the net seller for local institutions and foreign funds at RM99.4k and RM39k.
In early Wednesday trading, Public Bank rose 60 sen to RM22.28 and Hong Leong Bank 30 sen to RM19.14 but RHB Bank lost eight sen to RM5.61.
KL Kepong won 34 sen at $ 24.22 while Hartalega
added 22 sen to RM12.20.
Carlsberg gained the most, rising 80 sen to RM24.76, Nestle 60 sen to RM138, Heineken 58 sen to RM23.46 and BAT 20 sen to RM14.56.
Greatec technology stocks advanced 22 sen to RM8.48 and UWC 21 sen to RM9.03.
Petronas Chemicals fell 10 sen to RM7.86 and Petronas Dagangan four sen to RM20.72.
Latitude Tree fell 10 sen to RM4.30 and Euro six sen to RM2.37.
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