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US optimism pulls Bursa, Asian stocks higher

KUALA LUMPUR: The FBM KLCI pared earlier gains on profit-taking activity but remained positive on the back of gains in the financial and commodities sectors.

At 12.30pm, the key index was up 5.92 points to 1,424.61. The market breadth was positive with 379 gainers compared with 311 decliners.

Trading volume was RM966.3mil shares valued at RM538.44mil

In financial services, Maybank was up four sen to RM8.62, Public Bank gained two sen to RM4.38, CIMB rose four sen to RM5.13 and Hong Leong Bank added eight sen to RM20.26.

PETRONAS Chemicals climbed eight sen to RM8.42 on the back of a bounce in crude oil prices while Press Metal eked out a one sen gain to RM4.28.

Telcos meanwhile were mixed with IOI gaining seven sen to RM3.80, Kuala Lumpur Kepong rising 22 sen to RM20.70 and Sime Darby Plantation sliding four sen to RM4.01.

In the technology sector, MPI gained 26 sen to RM28.26 and Vitrox rose 12 sen to RM6.86.

Top actives include Metronic up 0.5 sen to 9.5 sen, Yong Tai flat at eight sen and Sapura Energy unchanged at 4.5 sen.

Meanwhile, Asian markets tracked Wall Street higher ahead of payroll data as fears over an economic slowdown eased.

Japan’s Nikkei climbed 0.6% to 26,637, South Korea’s Kospi rose 0.9% and China’s composite index added 0.2%.

Hong Kong’s Hang Seng was up 0.2% while Australia’s ASX200 rose 0.6%.

PETRONAS Chemicals climbed eight sen to RM8.42 on the back of a bounce in crude oil prices while Press Metal eked out a one sen gain to RM4.28.

Source: https://www.thestar.com.my/business/business-news/2022/07/08/us-optimism-pulls-bursa-asian-stocks-higher

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