FBM KLCI rebounds after five straight days of losses

KUALA LUMPUR: The FBM KLCI bounced higher on Friday as investors picked up bargains although activity remained lacklustre.

At the opening bell, the FBM KLCI rose 1.78 points to 1,603.86, on course to end the week above the key 1,600 support level.

According to Rakuten Trade, there are heightened concerns over inflation after the US producer price index came in hotter than expected overnight.

Fresh off a record-breaking rally on Wednesday, Investors took the opportunity to cash in on gains. The Dow Jones Industrial Average fell 0.53%, to 43,914.12, the S&P 500 lost 0.54% to 6,051.25 and the Nasdaq Composite lost 0.66% to 19,902.84.

“In view of the low market liquidity, we believe performance of the local bourse to remain lacklustre thus expect the index to trend between the 1,600-1,610 range today,” said Rakuten Trade in its market outlook.

On the FBM KLCI, Tenaga Nasional rose 12 sen to RM13.68, YTL Power gained seven sen to RM3.74 and Press Metal climbed seven sen to RM5.02.

Maybank added four sen to RM10.18, MISC rose four sne to RM7.44 and Sunway put on four sen to RM4.64.

On the broader market, Gamuda’s shares jumped 16 sen to RM9.76 following a positive earnings result. Guan Chong surged 15 sen to RM3.97 and Sunway Construction climbed 15 sen to RM4.50.

Active stocks include Datasonic up one sen to 44 sen, GKW down one sen to 18 sen and MBSB falling 0.5 sen to 74 sen.