FBM KLCI stocks shine

BURSA Malaysia extended gains for the second consecutive day yesterday, with the key index ending at an intra-day high, supported by persistent buying momentum in index-linked counters.

The FBM KLCI rose 15.3 points to 1,826.9 after hitting a low of 1,811.13 at one point.

A dealer said Bursa Malaysia rallied sharply in the afternoon session.

Among major contributors to the rise in the composite index were Petronas Chemicals, which rose 20 sen to RM9.70, Axiata chalked up 17 sen to RM4.82, CIMB bagged 12 sen to RM6.08, and Hong Leong Bank soared 40 sen to RM20.30.

On the broader market, losers outnumbered gainers 534 to 408 with 393 counters unchanged, 562 untraded and 56 suspended.

Of the heavyweights, Maybank bagged 7 sen to RM10.00, Public Bank gained 2 sen to RM25.00, while TNB was flat at RM15.72.

JF Apex Securities head of research Lee Chung Cheng said sentiment in the local market was bullish and in tandem with regional peers, which staged broadly higher performances following the US-Mexico trade deal.

On Monday, US President Donald Trump announced that the country and Mexico had agreed to revamp the North American Free Trade Agreement, to make the deal “much more fair” for both countries.

This positive development sparked buying of Asian equities with investors hoping the deal could boost global trade outlook, another dealer said. – Bernama