Friday 29 Mar 2024
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KUALA LUMPUR (May 15): The FBM KLCI rose 0.38% at mid-morning today, lifted by gains at select blue chips despite the cautious regional markets.

At 10am, the FBM KLCI rose 7.11 points to 1,857.53.

Gainers led losers by 387 to 356, while 274 counters traded unchanged. Volume was 1.23 billion shares valued at RM832.06 million.

The gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Petronas Gas Bhd, Top Glove Corp Bhd, Scientex Bhd, Malaysian Pacific Industries Bhd, Hong Leong Bank Bhd, Hartalega Holdings Bhd, PMB Technology Bhd and Fraser & Neave Holdings Bhd.

The actives included Sapura Energy Bhd, Eduspec Holdings Bhd, Eden Inc Bhd, Malaysian Resources Corp Bhd, Opcom, Berjaya Corp Bhd, Gabungan AQRS Bhd, Excel Force MSC Bhd and Thriven Global Bhd.

The losers included George Kent (M) Bhd, My E.G.Services Bhd, Lotte Chemical Titan Holding Bhd, Rohas Teknic Bhd, Gabungan AQRS, Heineken Malaysia Bhd, Hengyuan Refining Company Bhd and Hap Seng Consolidated Bhd.

Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from U.S.-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.16 percent after rising 0.6 percent the previous day to its highest since late March, it said.

Hong Leong IB Research in a traders’ brief said in the US, the market volatility is likely to stabilise with the constructive move by both the US and China.

“However, if the outcomes of the trade talks are negative, it may send cautious trading towards US stock market, limiting the upside of the Dow near 25,500. Also, Middle East tension may spur downside risk on the overall stock markets.

“On the local front, the surge of trading activities may attract further participation of the retailers after the GE14. Market is likely to price in the premiums into Pakatan Harapan’s related stocks, while discounting construction and stocks linked to the previous administration.

“Nevertheless, we expect the trend to stabilise over the next few days as they may be seen as overdone either on the buying or selling activities,” it said.

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