KUALA LUMPUR (Feb 12): The FBM KLCI pared some of its gains but was still up 0.68% at the midday break as some bargain hunting lifted the local index against the backdrop of calmer regional bourses.
At 12.30pm, the FBM KLCI was up 12.55 points at 1,832.37. The index had earlier risen to its intra-morning high of 1,834.45.
Gainers led losers by 328 to 244, while 553 counters traded unchanged. Volume was 850.78 million shares valued at RM719.06 million.
The top gainers included Nestle (M) Bhd, Genting Plantations Bhd, Petronas Gas Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Bursa Malaysia Bhd, Public Bank Bhd, Aeon Credit Service (M) Bhd, Axiata Group Bhd, Telekom Malaysia Bhd and Genting Bhd.
The actives included PUC Bhd, Green Packet Bhd, UMW Oil & Gas Corp Bhd, Hibiscus Petroleum Bhd, Diversified Gateway Solutions Bhd, Sapura Energy Bhd, Sumatec Resources Bhd and Borneo Oil Bhd.
The decliners included Panasonic Manufacturing Malaysia Bhd, United Plantations Bhd, Dutch Lady Milk Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Enra Group Bhd, Globetronics Technology Bhd, Salutica Bhd and Kossan Rubber Industries Bhd.
Asian share markets found a semblance of calm on Monday as S&P futures extended their bounce, though bond investors were still fretting about the risks from looming US inflation data, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.8%, having suffered a 7.3% drubbing last week, it said.
Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said the jittery sentiment in equity markets was expected to continue after US stocks staged a weak closing last week, where stocks closed on last minutes rebound.
He said a potential of at least three rate adjustments in the next twelve months in the US has led smart investors to lock in profit ahead of unexciting rate hiking environment.
"This week we anticipate the Dow to hover around current level as distribution remains the main agenda of investors. Any rebounds will surely attract sellers thus will be short lived.
"For the local stock market, stocks are expected drift sideways with market participants still hope for further 'CNY and GE14' rallies, plus strengthening of ringgit against US dollar.
"There might be spikes of rally in the local market as the FBM KLCI Index's medium- and long-term trend underlying trend are still bullish. Trade wisely," he said.