KLCI pares gains on some mild profit taking

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KUALA LUMPUR (March 21): The FBM KLCI pared some of its gains at the midday break today on some mild profit takimng saw losers outpace gainers.

At 12.30pm, the FBM KLCI was up 3.36 points to 1,752.77. The index had earlier risen to its intra-morning high of 1,757.99.

Losers led gainers by 431 to 407, while 391 counters traded unchanged. Volume was 2.79 billion shares valued at RM1.41 billion.

The top gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, George Kengt (M) Bhd, Aeon Credit Service (M) Bhd, Kumpulan Perangsang Selangor Bhd, Dutch Laduy Milk Industries Bhd,KESM Industries Bhd and Malaysian Pacific Industries Bhd.

The actives included Olympia Industries Bhd, ManagePay Systems Bhd, Tanco Holdings Bhd, PUC Founder (MSC) Bhd, Luster Corp Bhd, Trive Property Group Bhd and Hubline Bhd.

The losers included Lafarge Malaysia Bhd, Latitude Tree Holdings Bhd, UMW Holdings Bhd, Hong Leong Financial Group Bhd, Batu Kawan Bhd and Top Glove Corp Bhd.

Asian shares hit 15-month highs on Tuesday while the dollar and U.S. bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent to 15-month highs, with tech-heavy Seoul and Taipei shares hitting two-year highs while Hong Kong's Hang Seng scaled 1 1/2-year highs, it said.

AffinHwang Capital Research said global commodities recovery and new liquidity posed bullish cases, Wall Street approaches record highs, and Bursa was to resume upward path on volume spike.

“Local equity markets should take a higher track this week, supported by less hawkish Federal Reserve tone, a slow boost in global risk-taking sentiment, ideas that stronger commodity price has return and ringgit weakness are easing.

“The FBM KCLI maintains its bullishness into higher territory as equity bulls take relief from Dutch election outcome and remained largely unfazed by imminent hikes in the USA Federal Reserve interest rates,” it said.