KLCI briefly crosses 1,700 level on window-dressing activities

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KUALA LUMPUR (June 29): The FBM KLCI briefly crossed the 1,700-point level in the morning session today before paring some gains to close 1.8% higher at the break.

At 12.30pm, the benchmark index was up 30.58 points to 1,696.26, led by gains in Tenaga Nasional Bhd. The index had earlier risen to its intra-morning high of 1,701.65.

The gainers led losers by 328 to 197, while 544 counters traded unchanged. Volume was 1.15 billion shares valued at RM1.02 billion.

The gainers included Tenaga, Aeon Credit Service (M) Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Time dotCom Bhd, Malayan Banking Bhd, DiGi.Com Bhd, Maxis Bhd and CIMB Group Holdings Bhd.

The actives included Barakah Offshore Petroleum Bhd, Icon Offshore Bhd, V.S. Industry Bhd, Sapura Energy Bhd, Advance Synergy Bhd and My E.G. Services Bhd.

The decliners included United Plantations Bhd, Chin Teck Plantations Bhd, Datasonic Group Bhd and Kuala Lumpur Kepong Bhd.

Asian share markets rallied from nine-month lows, after China eased foreign investment limits, but underlying sentiment was dampened by worries over trade frictions a week before initial US and Chinese tariffs were set to take effect, according to Reuters.

The newswire quoted OCBC as saying: "Asian bourses may see a small reprieve into the month-end amid more positive overnight cues from Wall Street. Key to watch today is the Bank of Indonesia rate decision."

Affin Hwang Capital Research said the FBM KLCI Index closed flat yesterday, dropping 0.4 points only.

"In terms of technicals, prices might potentially rebound and find support soon while the 1,625-1,575 level may provide opportunity for investors to accumulate good stocks," it said.