FBM KLCI rebounds 0.5%; Maybank hits record high

KUALA LUMPUR: The FBM KLCI rebounds from the previous session’s losses, tracking firmer regional markets and buoyed by buying interest in banking and heavyweight stocks.

The 30-stock index rose 8.85 points, or 0.51%, to 1,756.39, just shy of its intraday high of 1,757.15.

Market breadth was positive, with 575 gainers outpacing 474 losers, while 549 counters traded unchanged on Bursa Malaysia. Turnover stood at 2.55 billion shares valued at RM3.06bil.

Dealers said the rebound was largely in line with stronger regional cues, noting that selective buying in banking and index-linked heavyweights helped support the benchmark despite continued foreign outflows.

Among the banks, Maybank climbed 26 sen, or 2.17%, to a record high of RM12.26, lifting its market capitalisation to about RM148bil. The counter has gained 2.7% over the past five days and is up 13% over the past month.

CIMB added four sen to RM8.59, Public Bank rose three sen to RM5.14, while RHB Bank edged up one sen to RM8.21.

Elsewhere on Bursa Malaysia, Hong Leong Industries advanced 76 sen to RM18.20, BAT gained 68 sen to RM6.15, and KSL added 23 sen to RM3.28.

On the downside, Malaysian Pacific Industries tumbled RM1.40 to RM30.80, F&N slid 88 sen to RM32.30, Nestle fell 70 sen to RM111.30, and Heineken declined 30 sen to RM23.70.

According to data on Bursa Malaysia, foreign investors offloaded RM38mil worth of equities on Tuesday.

Local institutions and retailers acquired equities worth RM21mil and RM17mil respectively.

On the forex market, the ringgit was quoted at 3.9170 against the greenback, appreciating 0.16%. The local unit fell 0.07% to 3.1031 against the Singapore dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.15%, with most regional markets ending higher.

Japan’s Nikkei 225 climbed 2.28%, while South Korea’s Kospi gained 1%.

Hong Kong’s Hang Seng Index added 0.31%, and Singapore’s Straits Times Index edged up 0.4%.

In China, the CSI300 slipped 0.22%, although the Shanghai Composite Index rose 0.09%.