KLCI rebounds, CIMB, FGV lead

KUALA LUMPUR: Blue chips rebounded in late morning on Thursday, boosted by some fund buying of CIMB and Felda Global Ventures (FGV).
At
10.39am, the FBM KLCI was up 4.85 points to 1,618.63. Turnover was
268.07 million shares valued at RM272.29mil. There were 254 gainers,
180 losers and 204 counters unchanged.
CIMB Equities Research
said while in September, the KLCI had fallen between 30 points and 40
points or about 2% since its peak in mid-August, it believed the market
weakness was unlikely to drag on for too long.
"Investors should
take advantage of share price weakness to selectively buy stocks that
have been excessively sold down. Defensive stocks we like such as PGas,
Guinness and PetDag offer a more attractive entry point for investors
seeking safety," it said in a strategy report.
CIMB rose 13 sen to RM7.53, HL Industries 10 sen to Rm4.50, FGV eight sen to RM4.87 while Tradewinds and Genting Malaysian gained six sen each to RM7.56 and RM3.56.
However, plantations were among the major losers, with Tradewinds Plantations and PPB Group down 14 sen each to RM4.31 and RM12.26.
KLCCP and AirAsia fell nine sen to RM5.47 and RM2.93 while Oriental Holdings gave up eight sen to RM7.70.