KLCI reverses loss, edges up in line with region

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KUALA LUMPUR (Aug 1): The FBM KLCI reversed its earlier loss and climbed into positive territory at the midday break today, tracking gains at the regional markets.

At 12.30pm, the FBM KLCI gained 0.12 points to 1,784.37. The index had earlier fallen to its intra-morning low of 1,777.58.

Gainers led losers by 293 to 246, while 569 counters traded unchanged. Volume was 1.26 billion shares valued at RM743.19 million.

The gainers included Petronas Gas Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Chin Teck Plantations Bhd, Far East Holdings Bhd, Suiwah Corp Bhd, DiGi.Com Bhd, Fraser & Neave Holdings Bhd, Genting Malaysia Bhd, Hong Leong Bank Bhd and Cahya Mata Sarawak Bhd.

The actives included Nova MSC Bhd, Sapura Energy Bhd, Borneo Oil Bhd, Priceworth International Bhd, My E.G. Services Bhd, Cuscapi Bhd, Velesto Energy Bhd and Opcom Holdings Bhd.

The losers included Tenaga Nasional Bhd, Ajinomoto (M) Bhd, Southern Acids (M) Bhd, Oriental Holdings Bhd, Hong Leong Financial Group Bhd, IOI Corp Bhd, Tien Wah Press Holdings Bhd and Eita Resources Bhd.

Asian shares were higher on Wednesday, tracking the firmer Wall Street finish though reports that Washington plans to raise tariffs on US$200 billion of Chinese goods have put the focus back on volatile Sino-US trade relations, according to Reuters.

Global markets inched higher on Tuesday, helped by a Bloomberg report that the US and China were seeking to resume trade talks to defuse the battle over import tariffs, it said.

Affin Hwang Capital Research said the FBM KLCI Index continue its strong run yesterday (up 13.99 points).

"Prices have broken above all of the EMAs (dynamic resistance) convincingly and [FBM KLCI] is expected to surge higher towards the 1,800 key level.

"The FBM KLCI Index likely to move sideways with downward bias in the near term," it said.