FBM KLCI extends gains on Wall Street boost, healthcare stocks lead
KUALA LUMPUR: Bursa Malaysia extended its gains for the fourth consecutive session, buoyed by a positive carry-over from Wall Street's strong close last Friday, despite mixed performance across regional markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 12.39 points or 0.82 per cent to 1,521.59 from Friday's close of 1,509.20.
The benchmark index had opened 2.63 point better at 1,511.83.
Market breadth was positive, with 519 gainers outnumbering 420 decliners while 436 counters were unchanged, 1,034 untraded and 60 suspended.
Turnover stood at 2.6 billion worth RM1.74 billion.
Malacca Securities Sdn Bhd noted that growing expectations of a potential de-escalation in the trade war, fuelled by US President Donald Trump's less confrontational stance toward China, have boosted overall sentiment on the local front.
The firm said this comes after the market reclaimed the 1,500 psychological level last Friday.
"The rebound extended today, continuing to lift the local bourse by nearly 3.0 per cent from its low on April 22.
"Glove stocks led the gains in the healthcare sector as Malaysia's recent ban on the export of non-locally made rubber gloves is expected to benefit local glove manufacturers, while plantation stocks traded marginally lower," the firm added.
The Bursa Malaysia Healthcare Index surged by 23.70 points or 1.27 percent, driven by gains in Hartalega Holdings Bhd.
The stock rose by six sen or 2.79 per cent to close at RM2.21, bringing the company's market value to RM7.58 billion.
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