KUALA LUMPUR: The benchmark FBM KLCI rose in morning trade after an uncertain start as investors sought out new leads following the recent state election.
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At 12.30pm, the key index was up 4.23 points to 1,461.23 as traders picked up bank stocks ahead of the peak corporate results period.
The lower liners were also seen rising, giving the overall market a positive breadth of 476 gainers to 333 decliners. Trading volume was 2.05 billion shares valued at RM940.97mil.
Maybank rose five sne to RM9.05, Public Bank gained four sen to RM4.19, CIMB added three sen to RM5.68 and Hong Leong Bank climbed four sen to RM19.94.
Meanwhile in telcos, Maxis added four sen to RM3.98 and CelcomDigi was up one sen to RM4.39 while Axiata slid one sen to RM2.66.
Among leading actives, ACE Market debutant Glostrext pared earlier gains to 28 sen, nine sen above its initial public offering price on 222.66 million shares done.
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Classita was unchanged at 8.5 sen on 122.95 million shares exchanging hands and MMAG was flat at one sen after 68.9 million shares traded.
The domestic market’s positive performance continues its trend of moving in opposition to broader regional sentiment.
Key Asian markets have been gravitating lower amid a souring economic outlook for China, which has lowered its lending rates on the heels of disappointing growth data.
China’s main index slipped 0.3% to 3,169 and Hong Kong’s Hang Seng dropped 0.8% to 18,622.
Japan’s Nikkei however rose 0.9% to 32,350 while South Korea’s Kospi gained 0.8% to 2,570.
– The Star