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FBM KLCI rises in cautious mode, banks erase early gains

KUALA LUMPUR: The FBM KLCI remained positive at midday as bargain-hunters bought up oversold counters although gains were capped as investors digested the recent Budget 2022 proposals and their ramifications.

At 12.30pm, the key index was up 5.05 points to 1,535.97, shored up by a broad-based increase in blue-chip prices.

Press Metal rose seven sen to RM5.55 and IHH healthcare jumped four sen to RM6.52.

Petronas Chemicals however slid six sen to RM8.29.

Banks lost momentum as Maybank retraced earlier gains to just one sen higher at RM8.

Public Bank was flat at RM4.04 while CIMB rose three sen to RM5.07 and Hong Leong Bank was down two sen to RM17.94.

In plantations, Sime Darby Plantation climbed 16 sen to RM4.16 and IOI rose two sen to RM3.89.

In Asian markets, equity prices tracked Wall Street higher as commodities prices continued to advance.

Japan’s Nikkei was down 0.4% but South Korea’s Kospi approached market close 1.5% higher.

China’s composite index dropped 0.6% while in Hong Kong, the Hang Seng was up 0.7%.

Australia’s ASX200 was down 0.5%.

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