Public Bank hits a fresh record high of RM21.30
KUALA LUMPUR: Investors heaved a sigh of relief early Wednesday after the rebound on Wall Street gave them some assurance the heavy selling could be behind, as at Bursa Malaysia, blue chips regain more than half of their losses.
At 9.12am, the FBM KLCI was up 24.01 points or 1.32% to 1,836.46. Turnover was 395.26 million shares valued at RM216.21mil. Gainers overwhelmed losers 601 to 45 while 141 counters were unchanged.
Maybank Investment Bank Research says following the strong rebound in overnight US markets, it expects bargain hunting activities on Wednesday, particularly on those key blue chips which were heavily sold down the past few days.
“Technically, we expect FBMKLCI to trade between 1,800 and 1,840 today. Downside supports are 1,796 and 1,771,” it said.
Reuters reported in early trade, MSCI's broadest index of Asia-Pacific shares outside Japan had crept up 0.5%, recouping some of Tuesday's 3.5% fall. That had been its biggest daily drop since August 2015.
Australia's main index rallied 1.1% and Japan's Nikkei rose 2.9%. The latter slid 4.73% on Tuesday for its steepest fall in 15 months.
Markets took their cue from a late rebound on Wall Street, though investors were warily eyeing E-Mini futures for the S&P 500 which were off 0.2% in Asian trading.
Public Bank advanced 44 sen to RM21.92 and Hong Leong Bank 42 sen higher at RM18.36.
Nestle rose 80 sen to RM115.10 and BAT 56 sen higher at RM32.56.
Petronas Gas added 48 sen to RM17.60, Petron and Hengyuan 38 sen each to RM11.60 and RM13.34.
Among the glove makers, Hartalega
rose 46 sen to RM11.30 and Top Glove 43 sen to RM9.13.
KESM rose 38 sen to RM13.34.
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