KUALA LUMPUR, Malaysia (July 9): As bargain hunting emerges, the FBM KLCI finished 0.79 percent or 11.87 points higher at 1,520.58 points today, halting a four-day losing run. Investors are looking for shares with more appealing valuations presently, according to MIDF research head Imran Yassin Md Yusof, following a large sell-off yesterday as concerns about local political events and a lower Dow Jones weighed on sentiment.
“Moreover, the political issues that impacted the market appear to have abated for the time being,” Imran said, adding that political changes that affect the market are often short-term in nature, with investors eventually looking at values and earnings in the long run.
The majority of the index’s members rose, with Top Glove Corp Bhd, Digi.Com Bhd, and Telekom Malaysia Bhd leading the way. Hong Leong Financial Group Bhd, Petronas Gas Bhd, and Dialog Group Bhd were the first to decrease, followed by Hong Leong Financial Group Bhd, Petronas Gas Bhd, and Dialog Group Bhd. Hong Leong Bank Bhd and RHB Bank Bhd were the only two components to close unchanged.
Market breadth was mostly favorable, with 659 counters rising vs 447 falling, and 322 remaining unchanged.
Kumpulan H & L High-Tech Bhd, Malaysian Pacific Industries Bhd, and Widetech (Malaysia) Bhd were the top gainers, while Carlsberg Brewery Malaysia Bhd, Y&G Corp Bhd, and Heineken Malaysia Bhd were the top losers.
Serba Dinamik Holdings Bhd, Asdion Bhd, and Pegasus Heights Bhd were the most active stocks on the day.
Today’s regional markets were mixed. The Hang Seng Index in Hong Kong gained 0.7 percent to 27,344.54, while the Shanghai Composite Index fell 0.04 percent to 3,524.09. The Nikkei 225 index fell 0.63 percent to 27,940.42, or 177.61 points.
According to Reuters, international stocks mainly stabilized today, but treasury yields rose, as markets took a cautious respite in the face of new fears about the pace of the global economic recovery from Covid-19.
“Markets have been roiled this week as a rise in instances of the Delta coronavirus type around the world squeezed risk appetite and led to a flight to safety as some wagered the post-pandemic reflation trade is done for the time being,” it said./n
