KLCI remains in positive zone, tracks regional shares

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KUALA LUMPUR (Aug 6): The FBM KLCI remained in positive territory at mid-morning today, tracking the uptrend at most regional markets.

At 10am, the FBM KLCI rose 1.58 points to 1,781.67.

Gainers edged losers by 245 to 244, while 284 counters traded unchanged. Volume was 541.22 million shares valued at RM250.42 million.

The gainers included Heineken Malaysia Bhd, Ajinomoto (M) Bhd, SLP Resources Bhd, Malaysia Airports Holdings Bhd, BP Plastics Holding Bhd, PMB Technology Bhd, Public Bank Bhd and Globetronics Technology Bhd.

The actives included Vivocom International Holdings Bhd, Frontken Corp Bhd, Kumpulan Perangsang Selangor Bhd (KPS), Eden Inc Bhd, Pegasus Heights Bhd and RGB International Bhd.

The losers included United Plantations Bhd, Ibraco Bhd, Hong Leong Industries Bhd, Gamuda Bhd, KPS and Taliworks Corp Bhd.

Asian stocks rose on Monday after China's central bank took steps to try to drag the yuan away from 14-month lows, but the tit-for-tat conflict over Sino-US trade hung heavily on markets, according to Reuters.

The People's Bank of China late on Friday raised the reserve requirement on foreign exchange forward positions, making it more expensive to bet against the Chinese currency, it said.

Hong Leong IB Research in a traders' brief said on Wall Street, it thought the market volatility would depend on the trade developments between the US and China.

"However, the recent positive earnings registered by selected tech giants such as Apple are likely to cushion the downside risk over the near term.

"Tracking the positive performance on Wall Street, we think there could be spill-over buying interest towards Malaysia's equities, but upside could be limited as technicals are overbought.

"Nevertheless, with the conclusion of the Selangor water saga with the acquisition of SPLASH for RM2.55 billion, water-related stocks may gain tractions, at least for the near term," it said.