Bursa bounces higher after two days of losses

TheStar Wed, Jan 05, 2022 09:17am - 2 years View Original


KUALA LUMPUR: The FBM KLCI moved cautiously higher in early trade after two days of profit-taking, which returned the index below the 1,500 psychological level.

At 9.15am, the benchmark index was up 3.3 points to 1,545.2, taking its cue from the optimism over the recovery trend seen in global markets.

As counters rebounded, there were 220 gainers versus 151 decliners on the broader market.

Overnight, the Dow Jones hit a new record high even as investors rotated out of technology stocks in light of the normalising interest rate environment, sending the Nasdaq lower.

Among early movers on Bursa Malaysia, Maybank was down two sen to RM8.34, Public Bank rose one sen to RM4.14, and IHH shed five sen to RM6.77.

Investors bought up glove counters amid the surge in Covid-19 infection in the US due to the spread of the Omicron variant.

Hartalega jumped 11 sen to RM5.63 while Top Glove climbed five sen to RM2.38.

In semiconductors, MPI dropped 62 sen to RM49.06, KESM shed 10 sen to RM12.90 and Vitrox lost 12 sen to RM19.82.

Of actives, SMTrack was down 1.5 sen to 24 sen, Bintai Kinden rose 0.5 sen to 21 sen and Iris was up one sen to 19 sen.

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