FBM KLCI rises despite weak Chinese factory data
KUALA LUMPUR: The FBM KLCI rose in morning trade as the recent strong US corporate earnings results and bets over milder interest rate hikes overshadowed recession fears.
At 12.30pm, they key index was up 4.83 points to 1,497.06. There were 406 gainers compared with 348 decliners.
Trading volume was 1.39 billion shares valued at RM631.13mil.
According to Reuters, China's factory activity contracted in July as fresh virus flare-ups weighed on demand.
The official manufacturing purchasing managers' Index (PMI) fell to 49 in July, missing forecasts for 50.4.,
Back home, the elevated commodities prices kept the rally going for a fourth straight session.
Among top gainers on Bursa Malaysia were PETRONAS Dagangan up 44 sen to RM22.84, Kuala Lumpur Kepong gaining 24 sen to RM22.16 and IHH rising 17 sen to RM6.56
Of actives, CSH was unchanged at seven sen, Metronic flat at 14 sen and Sedania down one sen to 42.5 sen.
Meanwhile, Asian shares remained sluggish amid disappointing Chinese economic data, feeding doubts over whether Wall Street's rally could be sustained.
Japan's Nikkei was up 0.6% to 27,975, South Korea's Kospi was flat at 2,450 and China's composite index was up 0.2% to 3,258.
In Hong Kong, the Hang Seng was down 0.3% to 20,091, while Australia's ASX200 rose 0.6% to 6,988.