Bank shares push FBM KLCI into positive territory

KUALA LUMPUR: Bursa Malaysia rose after a slow start as investors capitalised on the year-end window-dressing activities, and positive sentiment over anticipated rate cuts in the coming year.

At 12.30pm, the benchmark FBM KLCI was up 3.4 points to 1,457.62, in line with the bullish performance of regional markets.

The lower liners, however, did not perform as well, with 410 decliners compared to 363 gainers on the broader market.

There were 2.4 billion shares exchanging hands for RM1.18bil.

Among the leading gainers were heavyweight banks Public Bank, up four sen to RM4.28, CIMB climbing six sen to RM5.86 and Hong Leong Bank rising 32 sen to RM18.82.

Consumer goods players were also in the spotlight including Nestle rising 30 sen to RM121.70, Dutch Lady adding 24 sen to RM22.88 and DKSH rising seven sen to RM4.60.

Leading the actives, Hong Seng was up one sen to three sen, Sarawak Cable gained six sen to 45 sen and Pelikan added 4.5 sen to 21.5 sen.

In major Asian markets, China's composite index was up 1.1% to 2,947 as investors attempted to shore up what has been a dismal annual performance for the mainland's equity benchmark.

Hong Kong's Hang Seng was up 1.5% to 16,876.