KLCI bounces at midday, gains 0.59%

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KUALA LUMPUR (Aug 18): The FBM KLCI bounced at midday to record a 0.59% gain on bargain hunting activities as regional markets recovered.

At 12.30pm, the FBM KLCI added 9.28 points to 1,581.82. The index had earlier dipped to its intra-morning low of 1,562.88.

Gainers led losers by 397 to 336, while 309 counters traded unchanged. Volume was 1.32 billion shares valued at RM928.53 million.

The top gainers included Malaysian Pacific Industries Bhd, Globetronics Technology Bhd, Top Glove Corporation Bhd, Malayan Banking Bhd, British American Tobacco (M) Bhd, Inari Amertron Bhd, Affin Holdings Bhd and Tenaga Nasional Bhd.

The actives included Xidelang Holdings Bhd, Frontken Corporation Bhd, Bumi Armada Bhd, IFCA MSC Bhd, SapuraKencana Petroleum Bhd and APFT Bhd.

The decliners included Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, UMW Holdings Bhd, Gamuda Bhd, IJM Corporation Bhd and Boustead Holdings Bhd.

Asian shares recovered from two-year lows on Tuesday as strong US housing data offset concerns from a weak US manufacturing report, while the dollar's prospective yield advantage kept it firm, according to Reuters.

Japan's Nikkei rose 0.1% and most shares markets in Asia rose, lifting the MSCI's broadest index of Asia-Pacific shares outside Japan 0.4% from its two-year low marked on Monday, it said.

BIMB Securities Research said in Asia, key indices ended broadly lower yesterday, triggered by foreign selling due to weak economic outlook for the region.

Locally, it said the FBM KLCI ended sharply lower, losing 24.28 points or 1.52% to 1,572.54, dragged down mainly by oil and gas (O&G) and banking counters.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“We expect some bargain hunting activities today given the attractive valuations following oversold condition over the past few days with immediate resistance at 1,590/1,600,” it said.