FBM KLCI paces higher as region gets lift from China’s prospects

KUALA LUMPUR: Bursa Malaysia’s main index ended the early session on a strong rebound, in line with regional markets, as investors turned their sights to China on more plans to stimulate the economy.

At 12.30, the FBM KLCI was up 17.07 points to 1,529.22 while the market was broadly higher with 655 stocks rising as compared to 253 declining.

Turnover was 1.83 billion shares changing hands for RM1.22bil.

There is fresh excitement in Chinese equities following Beijing’s announcement that it would renew efforts to boost consumption the world’s second-largest economy.

Asia’s stock market were spurred on by the news, with Hong Kong’s Hang Seng taking the lead by rising 1.32% to 24,276.

China’s composite index gained 0.28% to 3,429.

Japan’s Nikkei jumped 1.31% to 37,536 and Singapore’s Straits Times index climbed 0.84% to 3,867.

On Malaysia’s blue-chip index, utilities and data centre-themed stocks were back in demand.

Tenaga Nasional rose 20 sen to RM13.60, YTL Power gained nine sne to TRM3.21 and Gamuda jumped 13 sen to RM4.17.

Bank gained, including Maybank up eight sen to RM10.40, RHB rising eight sne to RM6.93 and CIMB climbing 19 sen to RM7.26.

Nestle dove RM2.62 to RM65.30, as sentiment over the consumer group’s prospects continued to wane.

Of actives, Sapura Energy was flat at five sen, Pertama Digital rose 4.5 sen to 10 sen and Saliran gained one sen to 23.5 sen.