KLCI barely stays in positive zone as most gains given up

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KUALA LUMPUR (Feb 4): The FBM KLCI barely stayed in the positive zone at market close today, as most of the gains from earlier in the day were given up.

The local bourse will resume trading on Thursday (Feb 7) after the two-day Chinese New Year holiday.

At 12.30pm, the FBM KLCI erased much of its gains and was up a mere 0.08 points to 1,683.61.

Gainers led losers by 385 to 280, while 322 counters traded unchanged. Volume was 1.04 billion shares valued at RM880.66 million.

The gainers included United Plantations Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Malaysian Pacific Industries Bhd, Hong Leong Industries Bhd, Hong Leong Bank Bhd, LPI Capital Bhd, Nestle (M) Bhd and AirAsia Bhd.

The actives included Bumi Armada Bhd, Tatt Giap Group Bhd, Sapura Energy Bhd, Iris Corp Bhd, Seacera Group Bhd, Hubline Bhd and Carimin Petroleum Bhd.

The losers included Petronas Dagangan Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Maxis Bhd, Berjaya Media Bhd, Hong Leong Financial Group Bhd, Genting Plantations Bhd and MISC Bhd.

Asia stocks hovered near four-month highs on Monday after a mixed performance on Wall Street at the close of last week, while the US dollar firmed against the yen following strong US job and manufacturing data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat. It had scaled a four-month peak on Friday along with a surge in its global peers, the newswire said.

Affin Hwang Capital Research said the FBM KLCI Index is anticipated to drift sideways in a quiet market.

"Technically, the index has been hovering sluggishly sideways since November 2018 and just barely reclaimed its support above EMA20d (20-day exponential moving average).

"Anticipate the FBM KLCI Index to congest sideways in a quiet market," the research firm said.