PETALING JAYA: The stock market staged a technical rebound in early trade on some bargain-hunting of oversold counters like Tanjong, IOI Corp and KL Kepong, in line with key Asian bourses and the firmer close on Wall Street.
However, the gains could be limited due to the record high oil prices at US$104.74 per barrel, aggravated by a drop in US oil supplies.
At 10am, the KLCI was up 20.31 points to 1,300.54. Turnover was 89 million shares valued at RM181mil. There were gainers, losers and counters traded unchanged.
On Wall Street, the Dow Jones Industrial Average closed 41.19 points or 0.34% higher at 12,254.99 as evidence that the services sector may not be as weak as feared, allaying investors’ fears about a recession.
Asian markets were higher in early trade, led by the Nikkei 225, which rose 1.48% or 192 points to 13,164.08, while Singapore’s Straits Times Index added 0.48% to 2,924.75 and Hong Kong’s Hang Seng Index opened 0.9% higher at 23,322.60.
However, China stocks fell, with Shanghai’s “A” share index down 0.59% to 4,477.26.
At Bursa Malaysia, KL Kepong, which fell as much as RM1.60 Wednesday, managed to gain 30 sen to RM16.90. Sarawak Oil Palm and IOI Corp added 30 sen each to RM5.95 and RM7.65 respectively while Sime Darby gained 20 sen to RM11.10.
Tanjong added 30 sen to RM15.50, Bursa and Public Bank advanced 25 sen each to RM10.10 and RM10.20 respectively while Genting rose 20 sen to RM6.65.
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