Banks help shore up KLCI amid cautious market

TheStar Wed, May 12, 2021 09:24am - 2 years View Original


KUALA LUMPUR: Public Bank and Hong Leong Bank helped shore up the FBM KLCI in early Wednesday trade but again the broader market was cautious as the MCO 3.0 came into effect throughout the nation.

At 9.13am, the KLCI was up 1.82 points or 0.12% to 1,579.46. Turnover was 282.86 million shares valued at RM162.70mil. There were 190 gainers, 267 losers and 297 counters unchanged.

Asian stocks and US equity futures fell Wednesday after a drop on Wall Street amid concern that faster inflation and the surge in commodities could test the recovery from the pandemic, Bloomberg reported.

Stocks slid in Japan, South Korea and Australia. US contracts retreated after the S&P 500 declined for a second day following a record high Friday.

Overnight on Wall Street, the Dow Jones Industrial Average fell 473.66 points, or 1.36%, to 34,269.16, the S&P 500 lost 36.33 points, or 0.87%, to 4,152.1 and the Nasdaq Composite dropped 12.43 points, or 0.09%, to 13,389.43.

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