KLCI reverses earlier losses, select blue chips lift

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KUALA LUMPUR (Aug 14): The FBM KLCI reversed its earlier losses and clawed into positive territory at mid-morning today, lifted by select blue chips including Tenaga Nasional Bhd.

At 10am, the FBM KLCI rose 1.26 points to 1,784.60. The index had earlier slipped to a low of 1,778.20.

Gainers led losers by 285 to 213, while 316 counters traded unchanged. Volume was 487.86 million shares valued at RM312.35 million.

The top gainers included Apex Healthcare Bhd, Lingkaran Trans Kota Holdings Bhd, SLP Resources Bhd, Heineken Malaysia Bhd, United Malacca Bhd, YSP Southeast Asia Holding Bhd, Tenaga, Hengyuan Refining Company Bhd and Pecca Group Bhd.

The actives included Vivocom International Holdings Bhd, FoundPac Group Bhd, Sapura Energy Bhd, Malaysian Resources Corp Bhd, Pecca, Frontken Corp Bhd and Tiger Synergy Bhd.

The losers included Ayer Holdings Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, LPI Capital Bhd, Gamuda Bhd, Cycle & Carriage Bintang Bhd, Enra Group Bhd, Petron Malaysia Refining & Marketing Bhd, Scientex Bhd and IHH Healthcare Bhd.

Asia share markets tried to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed a little and Wall Street proved resilient to the shockwaves, according to Reuters.

Japan's Nikkei led the early running with a gain of 1%, while Australia added 0.4%, it said.

Hong Leong IB Research in a traders' brief said on Wall Street, investors are likely to stay on the sidelines as Turkey crisis mounts, stoking fears that a spillover into emerging markets, resulting in selldown on global banking stocks, where investors are having the view that this event could dampen global growth moving forward.

"Hence, upside of the Dow may be limited near the 25,500-26,000.

"We believe the retracement phase in the FBM KLCI may extend over the near term amid the economic turmoil in Turkey, coupled with the overly stretched indicators since the rebound rally has started 5-6 weeks ago.

"Sentiment for riskier assets like stocks could slow down as profit-taking activities persist," it said.