KLCI rises 0.74% as key heavyweights lift

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KUALA LUMPUR (July 13): The FBM KLCI rose 0.74% at midday break today, tracking gains at most regional markets, lifted by factors including key heavyweight index-linked stocks.

At 12.30pm, the FBM KLCI was up 12.69 points to 1,716.26.

Gainers led losers by 350 to 221, while 576 counters traded unchanged. Volume was 1.99 billion shares, valued at RM1.35 billion.

Top gainers included Petronas Dagangan Bhd, Heineken Malaysia Bhd, Hengyuan Refining Company Bhd, Telekom Malaysia Bhd, Tenaga Nasional Bhd, CIMB Group Holdings Bhd, Axiata Group Bhd and Genting Bhd.

The actives included Malaysian Resources Corp Bhd, My E.G. Services Bhd, George Kent (M) Bhd, Nova MSC Bhd, APFT Bhd, Sapura Energy Bhd, Ucrest Bhd and WCT Holdings Bhd.

Top losers included United Plantations Bhd, Malaysian Pacific Industries Bhd, Tasek Corp Bhd, Padini Holdings Bhd and JAKS Resources Bhd.

Most Asian share markets rose on Friday, heartened by gains on Wall Street, fueled by expectations of strong U.S. earnings, but China's markets wobbled as investors braced for the impact of broadening, tit-for-tat Chinese-U.S tariffs, according to Reuters.

Adding to fears that even stronger punitive measures from Washington may be on the way, China reported a trade surplus with the United States of US$28.97 billion in June, the highest on record, according to Reuters calculations.

Affin Hwang Capital Research said the FBM KLCI Index continued its up move yesterday, gaining 14.8 points.

“Price has broken above the 1700 key level, which may indicate momentum building to the upside. The local index ended in the green for 4 days now.

“The FBM KLCI Index likely to move sideways, with slight upward bias in the near-term,” the research house said.