KLCI rises 1.04% as Petronas-linked stocks lead gains

TheEdge Thu, Feb 25, 2021 01:13pm - 1 month ago

KUALA LUMPUR (Feb 25): The main index at Bursa Malaysia rose 1.04% at the midday break today, tracking the jump at regional markets, as Petroliam Nasional Bhd (Petronas)-linked stocks led the gains.

At 12.30pm, the FBM KLCI rose 16.19 points to 1,573.74.

Gainers led losers by 463 to 295, while 749 counters traded unchanged. Trading volume was 6. billion shares valued at RM3.24 billion.

The gainers included Malaysian Pacific Industries Bhd, ViTrox Corp Bhd, Press Metal Aluminium Holdings Bhd, Petronas Dagangan Bhd, D&O Green Technologies Bhd, Unisem (M) Bhd, Frontken Corp Bhd, Inari Amertron Bhd, Petronas Gas Bhd and Hong Leong Financial Group Bhd.

The actively traded stocks included Permaju Industries Bhd, Metronic Global Bhd, XOX Bhd, Key Alliance Group Bhd, Fintec Global Bhd, Hiap Teck Venture Bhd and Dagang NeXchange Bhd.

The decliners included Hartalega Holdings Bhd, Pharmaniaga Bhd, Supermax Corp Bhd, Atlan Holdings Bhd, KESM Industries Bhd, Elsoft Research Bhd, Pimpinan Ehsan Bhd and British American Tobacco (Malaysia) Bhd.

Reuters said Asian stocks jumped on Thursday after US Federal Reserve (Fed) chair Jerome Powell reaffirmed interest rates would stay low for a long time, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.

Powell's reassurance gave a fresh impetus to reflation trades and boosted risk asset prices while also driving US bond yields back up to one-year highs, it said.

Hong Leong IB Research said in the wake of the recent multiple support breakdown and awaiting more clues on the local corporate earnings front, KLCI is still vulnerable to further consolidation.

Nevertheless, the research house said downside risk seems limited near 1,550-1,530 levels (resistances: 1,582-1,600-1,618), cushioned by the oversold slow stochastic readings, Fed's dovish outlook, huge US stimulus package, falling Covid-19 infections globally, and the planned vaccination programme in Malaysia.

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