KUALA LUMPUR: Malaysia stock market staged a valiant rebound on Tuesday, underpinned by gains in Petronas-related stocks and telcos including DiGi.
At 3.55pm, the FBM KLCI was up 26.98 points or 1.76% to 1,559.12. Turnover was 2.26 billion shares valued at RM1.97bil. The broader market was weaker as losers beat gainers 600 to 274.
Reuters reported Chinese stocks tumbled again on Tuesday, despite a rebound in markets elsewhere in Asia, as investors despaired at the lack of policy action from Beijing in response to recent data suggesting the downturn in the world's second-largest economy is deepening.
Major Chinese stock indexes nosedived more than 7%, hitting their lowest levels since December, following their more than 8% plunge on Monday that sent shockwaves through global financial markets.
At Bursa Malaysia, Petronas Chemicals added 41 sen to RM5.79 and Petronas Dagangan gained 26 sen to RM20.62.
Among the telcos, DiGi rebounded 29 sen to RM5.24.
However, AirAsia continued to come under selling pressure as the low-cost carrier fell five sen to an all-time low of 87 sen on concerns about the fund raising by its Indonesian affiliate.
Top Glove was the top loser on profit taking, falling as much as 58 sen to RM7.92.
Consumer stocks were among the biggest losers, with Apollo foen 26 sen to RM4.30, Nestle 20 sen to RM71.80.
Boustead lost 18 sen to RM3.92, Litrak fell 15 sen to RM4.51.
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