Bursa picks up as buyers flock to equities


KUALA LUMPUR: The FBM KLCI maintained a robust lead at noon as an investor sentiment in equities markets turned constructive following a better sense of certainty over US rate of interest hikes and falling bond costs.

At 12.30pm, the benchmark index was up 13.02 factors to 1,598.83 as financial institution counters rallied amid expectations of a better rate of interest surroundings.

Maybank rose 9 sen to R8.92, Public Financial institution gained two sen to RM4.64, CIMB climbed seven sen to RM5.37 and Hong Leong Financial institution added 50 sen to RM20.66.

Press Metallic rose 17 sen to RM6.16, IHH gained 5 sen to RM6.56 and IS added six sen to RM7.31.

In the meantime, tech counters had been up with MPI including RM1.82 to RM37.92, Vitrox rising 58 sen to RM8.39, KESM climbing 34 sen to RM9 and D&O gaining 28 sen to RM4.77.

High actives had been CSH up 0.5 sen to 16.5 sen, Sapura Power unchanged at 3.5 sen and Pasukhas flat at two sen.

In the meantime, Asian equities rallied as bond costs tumbled following expectations of extra aggressive US price hikes.

Japan’s Nikkei surged 2.7%, South Korea’s Kospi rose 0.5% whereas China’s composite index erased earlier positive aspects to fall 0.1%.

Hong Kong’s Hold Seng jumped 1.7% and Australia’s ASX200 gained 0.6%

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