Asian Stocks Market Mostly Higher, Growth Fears Ameliorated, For Now

Kuala Lumpur, July 8 – Bursa Malaysia closed higher on Friday with the barometer index, FBM KLCI inched up slightly by 0.50%. Market breadth was positive with gainers outpaced losers, however, trading volume and value were anemic. Most of the Asian stock markets closed in positive territory as those market tracked strong cues from the performance of Wall Street overnight . Reasons for the cautiously positive momentum behind this buying spree are due to, 1) Indices in Wall Street displayed a good performance on optimism over the result season for the second quarter of FY2022; 2) Two Federal Reserve officials said the US economy might avoid a recession; and 3) Beijing might boost investment spending in the construction sector.

** The FTSE BM KLCI climbed 7.10 points or +0.50% at 1,425.79.

** The FTSE BM KLCI opened at 1,421.26. The index fluctuated between 1,420.63– 1,427.20.

** 445 counters are gainers, 425 counters are unchanged, while 343 counters are losers.

** Total volume of 1,617,574,200 shares changed hands; while Turnover of RM 1,118,613,211

** The Top 5 Gainers: FANG-2XL (7.12, +0.74) ; NESTLE (133.70, +0.70) ; PETDAG (21.90, +0.64) ; SOP (3.97, +0.23) ; MPI (28.20, +0.20)

** The Top 5 Losers: HEIM (22.40, -0.40) ; AEONCR (13.62, -0.30) ; BKAWAN (21.50, -0.20) ; DSR (1.10, -0.19) ; HARTA (2.62, -0.18)

** The Top 5 Most Active Stocks: HSI-CJB (0.705, UNCHANGED) ; YONGTAI (0.08, UNCHANGED) ; HSI-CQW (0.225, -0.01) ; TOPGLOV (0.99, -0.02) ; DNEX-CU (0.03, UNCANGED)

** Singapore’s Straits Times Index (STI) dropped 3.05 points or -0.1% to 3,126.35 ;  Hong Kong’s HSI climbed 82.20 points or +0.38% at 21,725.78; Japan’s Nikkei 225 up 26.66 points or +0.10% at 26,517.19 ; Korea’s Kospi Index rose 16.34 points or +0.7% at 2,350.61; Shanghai’s SSE Index down 8.32 points or -0.25% at 3,356.08; Australia’s All Ordinaries index inched up 40.10 points or +0.59% at 6,877.00.

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