Home / Business / FBM KLCI rises slightly on bargain-hunting

FBM KLCI rises slightly on bargain-hunting

KUALA LUMPUR: The domestic market maintained its range-bound trading motion on Tuesday as it bounced slightly higher on bargain-hunting activities.

At 9.30am, the FBM KLCI was up 3.19 points to 1,525.53.

Worries over the Covid-19 pandemic resurfaced in recent days as the number of daily infections halted their decline and showed some slight increase.

However, Malacca Securities Research said the pandemic should we well contained as the vaccination rate continues to improve.

“We opine that the resumption of business activities and reopening of travel borders may bode well for the economy going forward,” it said, reiterating its bullish outlook on the economic reopening.

Among blue chips, there was a rebound in consumer and energy stocks in early trade as investors shored up prices following a dip in global oil prices yesterday on speculation the US government is working towards cooling the cost of crude.

In plantations, Sime Darby Plantation rose four sen to RM3.93 and IOI Corp was flat at RM3.77.

Petronas Chemicals rose two sen to RM8.31 and Tenaga Nasional gained one sen to RM9.60.

Meanwhile, in telcos Maxis gained four sen to RM4.49 and Digi rose three sen to RM4.18 but Axiata shaved four sen to RM3.93.

On the broader market, there were 253 gainers to 252 decliners. Top actives were ARBB up 2.5 sen to 19 sen, Ages unchanged at 5.5 sen and PDZ up 0.5 sen to nine sen.

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