KLCI up 0.82% on easing of restrictions for approved sectors to operate at full capacity

KLCI up 0.82% on easing of restrictions for approved sectors to operate at full capacity
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KUALA LUMPUR (April 29): The FBM KLCI rose 0.82% at the midday break Wednesday as the easing of restrictions on approved sectors to operate at full capacity lifted investor sentiment.

At 12.30pm, the FBM KLCI rose 11.20 points to 1,383.40.

Gainers led losers by 519 to 204, while 336 counters traded unchanged.

The top gainers included Kuala Lumpur Kepong Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Chemicals Group Bhd, Hong Leong Financial Group Bhd, Genting Bhd, Batu Kawan Bhd and LPI Capital Bhd.

The actives included Key Alliance Group Bhd, NetX Holdings Bhd, Notion VTec Bhd, Sapura Energy Bhd, Lambo Group Bhd, ARB Bhd and AirAsia X Bhd.

The top losers included Nestle (M) Bhd, MISC Bhd, United Plantations Bhd, Allianz Malaysia Bhd, Hong Leong Industries Bhd, Aeon Credit Service (M) Bhd, Sinotop Holdings Bhd and Ayer Holdings Bhd.

Reuters said Southeast Asian stock markets edged higher on Wednesday, as investors cheered easing coronavirus curbs in some parts of the world while awaiting preliminary estimate for first-quarter US economic growth and the Federal Reserve's policy decision.

Oil prices gained as US stockpiles rose less than expected and on expectations demand will pick up as some European countries and US cities moved to ease lockdowns, it said.

Kenanga IB Research said Asian stocks ended mixed yesterday as investors digest news of countries beginning to ease restrictions and reopen economies.

It said back home, the FBM KLCI inched up by 2.04 points or 0.15% to finish at 1,372.20.

“Chart-wise, the index — following its rebound from previous oversold position to close the gap that was opened during the mid-March market meltdown — could face renewed selling pressures ahead after testing but failing to break above its 50-day SMA. 

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, we have set our resistance levels at 1,400 (R1) and 1,420 (R2),” it said.