Tuesday, December 6, 2022
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Telcos, banks surge on expectations of end to political impasse

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KUALA LUMPUR: The FBM KLCI surged ahead with telcos and banks leading the way as expectations grew over the announcement of the formation of a new government later today.

Investors are keenly focused on a decision from the Palace following a meeting between the nation’s Rulers.

At 12.30pm, the country’s key index had leapt 28.94 points higher to 1,472.44. There were 699 gainers compared with 201 decliners.

Trading volume was 3.18 billion shares valued at RM1.51bil.

The anticipation over a resolution the political impasse comes in tandem with an uptick in global investors sentiment as the minutes of the recent meeting of US Federal Open Market Committee signaled policymakers were considering slowing the pace of interest rate hikes.

Regional markets were lifted including Japan’s Nikkei up 1.1% to 28,417, South Korea’s Kospi rising 0.65% to 2,433 and Hong Kong’s Hang Seng adding 0.5% to 17,614.

China’s benchmark index however was 0.1% lower at 3,093 as a surge in Covid cases in the country threatened to extend the country’s Covid restrictions and dampened the economic outlook.

Meanwhile, speculation over counters that stood to benefit from a winning coalition reached a fever pitch on Bursa Malaysia.

Advance Synergy saw a whopping 981.97 million shares exchanging hands, shoring up the stock by eight sen or 45.7% to 25.5 sen a share.

Mui Industries followed with a 226.45 million shares crossing, adding two sen a share to 12 sen.

However, Eden fell four sen to 15 sen on 77.6 million shares traded.

Among blue chips, telcos and banks led the index higher.

Axiata jumped 21 sen to RM3.03, Maxis climbed 18 sen to RM3.84 an Digi added 14 sen to RM3.90.

Maybank led gains with an 11 sen increase to RM8.66, Public Bank rose 14 sen to RM4.42, CIMB put on 19 sen to RM5.70, Hong Leong Bank gained 20 sen to RM20.68 and RHB surged 12 sen to RM5.59.




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