Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
KUALA LUMPUR (May 2): The FBM KLCI rose today on bullish sentiment, following signs the banking sector is on its way to recovery.
The benchmark index closed 10.41 points or 0.59% higher at 1,778.47.
“The latest loan growth as well as interest margin will be pointing towards stronger earnings growth this quarter for the banks,” said Areca Capital Sdn Bhd chief executive officer Danny Wong told the edgemarkets.com.
He said he hopes to see a re-rating of the banks by research houses, which would depend on the banks’ upcoming results.
Wong said the banks’ performances over the past two quarters indicated that they have bottomed, and they are expected to attract foreign investors, amid the current recovery. “The banking sector remains the main magnet for foreign investors," he said.
Bursa Malaysia saw a total of 3.88 billion shares, worth RM3.48 billion, traded today. There were 594 gainers and 411 decliners.
Reuters reported Japan's Nikkei share average rose to six-week highs today in a holiday-shortened week, getting a lift from robust earnings and gains on Wall Street.
“Wall Street climbed on Monday, boosted by gains in Apple and other big technology stocks that more than offset weak U.S. economic data, and pushed the Nasdaq Composite to another record high,” it added.
The Nikkei finished 0.7% higher at 19,445.70, its highest close since March 21. It added 1.3% for the week. Tokyo markets will be closed for three days from tomorrow for a string of holidays known as Golden Week.
Meanwhile, South Korea’s Kospi rose 0.65%, while the Hong Kong Hang Seng Index was up 0.33%.
Source: The Edge
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