KUALA LUMPUR (April 15): The FBM KLCI rose 0.72% at mid-morning as Petronas counters and MISC lifted the benchmark index, while regional markets paused following the IMF caution of the worst global recession since 1930s.
At 10.05am, the FBM KLCI rose 9.95 points to 1,381.61.
Gainers led losers by 478 to 155, while 259 counters traded unchanged. Trading volume was 1.64 billion shares valued at RM518.46 million.
The gainers included Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Apollo Food Holdings Bhd, MISC Bhd and Petronas Gas Bhd.
The actives included mTouche Technology Bhd, MCT Bhd, Vortex Consolidated Bhd, Ta Win Holdings Bhd, Minetech Resources Bhd, Hubline Bhd and DGB Asia Bhd.
The decliners included Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Warisan TC Holdings Bhd, Apex Healthcare Bhd, KESM Industries and Malaysia-listed Hang Seng Index-linked put warrants.
Reuters said Asian shares paused at one-month highs on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business.
MSCI's broadest index of Asia-Pacific shares outside Japan was a slight 0.1% firmer in early trade, it said.
Hong Leong IB Research said that in the wake of the overnight strong Dow Jones performance and signs of the coronavirus outbreak peaking in certain hotspots in the world, KLCI could creep higher to retest 1,400 zones before the next meaningful pullback begins.
“Nevertheless, we reiterate 'Sell Into Rally' as the risk to reward perspective is getting [riskier] amid IMF’s bearish global economic outlook and sluggish oil prices coupled with the negative impact on Malaysia 2020 GDP (HLIB projection -4%) and corporate earnings due to possibility of further MCO extensions and a greater degree of relaxation will only happen when new Covid-19 cases sustainably [fall] below 50 (from current 150-200 range),” it said.