KLCI rises 1% as blue chips lift

-A +A

KUALA LUMPUR (Dec 22): The FBM KLCI rose 1% at mid-morning on Monday, lifted by blue chips including Tenaga Nasional Bhd and Petronas-linked counters.

At 10am, the FBM KLCI rose 18.59 points to 1,734.58.

The top gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, United Plantations Bhd, Petronas Dagangan Bhd, Tenaga Nasional Bhd, Petronas Gas Bhd, Coastal Contracts Bhd and Genting Plantations Bhd.

The actives included Minetech Resources Bhd, Perisai Petroleum Teknologi Bhd, Sumatec Resources Bhd, Bumi Armada Bhd, Kronologi Asia Bhd, Dialog Group Bhd and KNM Group Bhd.

The top losers included Icon Offshore Bhd, Asia File Corporation Bhd, Asia Brands Bhd, Ibraco Bhd, Affin Holdings Bhd and Cahya Mata Sarawak Bhd.

Asian shares and the dollar began a holiday-shortened week on a strong footing on Monday, with the euro testing two-year lows against the greenback on divergent monetary policy expectations, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent in early trade, while Japan's Nikkei stock average was up 0.4 percent ahead of a Japanese holiday on Tuesday, it said.

Hong Leong IB Research said that this week, the FBM KLCI might stage a follow-through technical rebound to close the “runaway gap” near 1733.

“Nevertheless, we believe that buying interest will be picking up at slower pace owing to two holiday-shortened weeks.

“Hence, we continue to recommend investors to “sell on strength,” it said.