KLCI pares gains, remains up 0.63%

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KUALA LUMPUR (Jan 7): The FBM KLCI pared some of its gains at the midday break today but was still was up 0.63% in line with the advance at the regional markets.

At 12.30pm, the FBM KLCI was up 10.59 points to 1,680.37. The index had earlier risen to its intra-morning high of 1,687.13.

Gainers led losers by 417 to 170, while 481 counters traded unchanged. Volume was 1.48 billion shares valued at RM767.84 million.

The gainers included Tenaga Nasional Bhd, Petron Malaysia Refining & Marketing Bhd, KESM Industries Bhd, Hengyuan Refining Company Bhd, Pentamaster Corp Bhd, Gamuda Bhd, Petronas Dagangan Bhd, Bursa Malaysia Bhd, AMMB Holdings Bhd and Cahya Mata Sarawak Bhd.

The actives included DPI Holdings Bhd, Bumi Armada Bhd, KNM Group Bhd, Hibiscus Petroleum Bhd, V.S. Industry Bhd, Econpile Holdings Bhd and Sapura Energy Bhd.

The decliners included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Hartalega Holdings Bhd, Petronas Chemicals Group Bhd, United Plantations Bhd, Time Dotcom Bhd, Batu Kawan Bhd, Top Glove Corp Bhd and UMW Holdings Bhd.

Asian shares sped ahead on Monday as a dovish turn by the Federal Reserve and startlingly strong US jobs data soothed some of the market's worst fears about the global outlook, according to Reuters.

Chinese stocks firmed after the country's central bank announced an easing in policy on Friday, with 100 basis points of cuts to bank reserve requirements freeing up around US$116 billion (RM476.7 billion) for new lending, the newswire said.

Affin Hwang Capital Research said the FBM KLCI Index lost 6.05 points or 0.36% on Friday, closing at 1,669.78.

The research house said overall, the index has fallen 22.29 points or 1.3% in the past week.

"Although our local index ended in the red, however on a more positive note, prices continue to create higher highs and higher lows, a signal that is suggesting an upward swing in progress for the index.

"Anticipate markets to continue pushing higher this week on strong gains seen in the global market following a brief retracement period experienced last week," it said.