Tuesday 03 Oct 2023
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KUALA LUMPUR (Oct 27): The FBM KLCI closed 4.29 points or 0.24% higher today, in line with Asian equity markets. Asian shares rose as the region welcomed upbeat US economic data and better-than-expected results from eurozone banks’ stress test results.

Malaysia's KLCI settled at 1,823.15 points at 5pm, on gains in stocks like Kuala Lumpur Kepong Bhd (KLK) and Petronas Gas Bhd.

Danny Wong, CEO of Areca Capital Sdn Bhd, said trading on Bursa Malaysia had “stabilised” and would not see “much changes” for the rest of this week, as the local bourse recovered from a selldown two weeks ago.

“The market has really settled down, after the market-wide panic and retail selldown two weeks ago. Stocks with strong fundamentals and not-speculative nature have also slowly recovered from that,” Wong said.

Wong said the recovery was most apparent in movement of stocks with small- to mid-market capitalisation.

“Today, you will see that small and mid capitalisation stocks are staying strong and improving, even when the index itself has not changed much,” he said.

Overall, Bursa Malaysia saw 2.29 billion shares, with a value of RM1.86 billion, changing hands.

There were 633 gainers and 230 decliners, while 255 counters were unchanged.

Today’s gainers included British American Tobacco (M) Bhd, KLK and Batu Kawan Bhd.

Meanwhile, decliners were led by Petronas Gas, Dutch Lady Milk Industries Bhd and Ibraco Bhd.

The most-actively traded stock was PDZ Holdings Bhd.

Regionally, Hong Kong’s Hang Seng declined 0.68%, Japan’s Nikkei was up 0.63%, while South Korea’s Kospi rose 0.33%.

Reuters reported Asian equities rose on Monday, taking heart from upbeat U.S. economic data and slightly better-than-expected health checks on euro zone banks, which helped revive investors' risk appetite.

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