Friday 29 Mar 2024
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KUALA LUMPUR (April 17): The FBM KLCI reversed its earlier loss and clawed above the 1,880-level at the midday break today, tracking the modest gains at most regional markets.

At 12.30pm, the FBM KLCI rose 3.16 points to 1,881.92. The index had earlier dipped to its intra-morning low of 1,873.09.

Gainers led losers by 311 to 232, while 573 counters traded unchanged. Volume was 1.7 billion shares valued at RM1.08 billion.

The top gainers included Petronas Dagangan Bhd, Petronas Gas Bhd, Panasonic Manufacturing Malaysia Bhd, Bursa Malaysia Bhd, Aeon Credit Service (M) Bhd, Press Metal Aluminium Holdings Bhd, Lafarge Malaysia Bhd and DiGi.Com Bhd.

The actives included Sapura Energy Bhd, PUC Bhd, AirAsia X Bhd, Nexgram Holdings Bhd, SKH Consortium Bhd, UMW Oil & Gas Corp Bhd, Sino Hua-An International Bhd and Priceworth International Bhd.

The decliners included Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, KESM Industries Bhd, Kossan Rubber Industries Bhd, Nestle (M) Bhd, S P Setia Bhd and Mega First Corp Bhd.

Asia stocks rose modestly on Tuesday following data showing China's economy grew a little faster than expected in the first quarter, according to Reuters.

The US dollar was barely changed, with demand for safe-haven US Treasuries ebbing as investor risk appetite improved in parts of the broader markets as investors took the view Western-led strikes on Syria were a one-off intervention, it said.

Affin Hwang Capital Research said investors turned their focus to corporate earnings optimism thus overcome concerns on geo-political risks in Syria led the US market but not in Europe.

It said while fresh currency devaluation risks seem to emerge in Asia, particularly China and Russia, in which the Hong Kong Monetary Authority has spent US$1.7 billion to intervene, investors have to be prepared for a "roller coaster" volatility in the global capital markets in the near future.

"Stocks in Bursa Malaysia likely to be influenced by volatile crude oil prices and GE14 rally.

"Technically, recent surge in crude oil prices appear to be temporary hence investors should be cautious with the fluctuation in O&G stocks prices that are likely unsustainable," it said.

 

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