Bargain Hunting Lifted Asian Equities Markets

Kuala Lumpur, May 11 – The KLCI finished modestly higher on Wednesday. Stock markets in the Asia Pacific closed mostly higher. Both Shanghai and Hong Kong stock markets ended in positive territory as the signs that China’s virus outbreak is easing as well as the Chinese securities regulator pledges action to shore up tanked stock market. The mixed cues from the overnight performance of Wall Street could be interpreted as the bargain-hunting signal for traders to pick up stocks at reduced levels after the recent sell-off in global markets although concerns over persistent inflation, higher interest rates and the outlook for the global economy shrouded the overall market sentiment.

Investors are awaiting the release later Wednesday of the Labor Department’s report on consumer prices for April. On Thursday, it will release its report on producer prices, or wholesale prices that impact businesses, for April.

** The FTSE BM KLCI up 1.35 points or  +0.09% at 1,555.93.

** The FTSE BM KLCI opened at 1,555.48 . The index fluctuated between 1,552.94 –  1,559.46.

** 443 counters are gainers,  429 counters are unchanged, while 440 counters are losers.

** Total volume of 2,401,995,300 shares changed hands ; while Turnover of RM1,908,107,589 .

** The Top 5 Gainers :NESTLE (132.70, +0.80) ; BKAWAN (27.90, +0.50) ; MPI (29.70, +0.40) ; GENP (8.48, +0.32) ; HENGYUAN (6.73, +0.31)

** The Top 5 Losers : PETDAG (21.24, -0.42) ; HEIM (23.32, -0.32) ; HONGSENG (2.14, -0.26) ; MSC (3.67, -0.22) ; HSI-HA8 (1.01, -0.16)

** The Top 5 Most Active Stocks : SERBADK (0.06,-0.015) ; TECHNAX (0.115, UNCHANGED) ; CSH (0.125, +0.01) ; WIDAD (0.36, UNCHANGED) ; MYEG (0.885, -0.015)

** Singapore’s Straits Times Index (STI) down 5.05 points or -0.16% to 3,229.14 ; Hong Kong’s HSI Index advanced 190.88 points or +0.97% at 19,824.57;  Japan’s Nikkei 225 climbed 46.54 points  or +0.18% at 26,213.64 ; and Korea’s KOSPI dropped 4.29 points or -0.17% to 2,592.27;  Shanghai’s SSE Index rose 22.86 points or 0.75% at 3,058.70; Australia’s All Ordinaries up 19.20 points or 0.26% to 7,304.40.

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