FBM KLCI on course for fifth day of gains
KUALA LUMPUR: The FBM KLCI is set to chalk up a positive week as the risk appetite for equities increased amid waning recession fears.
An optimistic set of corporate earnings results in the United States had investors scrambling for bargains, especially in the financial and technology sectors.
At 12.30pm, the FBM KLCI was up 8.76 points to 1,459.08. The market breadth was positive with 407 gainers compared with 279 decliners.
Trading volume was 1.03 billion shares valued at RM596.64mil.
All of the leading banks on the blue-chip index were up - Maybank rose six sen to RM8.76, Public Bank jumped nine sen to RM4.53, CIMB climbed seven sen to RM5.23, Hong Leong Bank added 18 sen to RM20.50 and RHB put on five sen to RM5.82.,
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The local technology sector rallied for a third straight day as positive developments in Tesla, Apple and Netflix helped to shore up sentiment.
Bursa Malaysia's technology index rose 0.8% to 62.85, with notable gainers including JHM up three sen to RM122, KESM rising five sen to RM6.50 and Greatech adding four sen to RM3.70.
Top traded counters were Widad down 0.5 sen to 37.5 sen, Cypark flat at 35.5 sen and MYEG down one sen to 76.5 sen.
Meanwhile, major Asian markets were set for their best week in months amid bets that US rate hikes are set to ease.
Japan's Nikkei rose 0.4% to 27,921, South Korea's Kospi dipped 0.3% to 2,400 and China's composite index lost 0.3% to 3,261.
Hong Kong's Hang Seng edged 0.1% higher to 20,598 while Australia's ASX200 was flat at 6,799.