KUALA LUMPUR (Aug 20): The FBM KLCI crossed the 1,600-point level at the midday break today, against the backdrop of advancing regional markets.
At 12.30pm, the FBM KLCI gained 4.39 points to 1,600.84.
Losers overtook gainers by 268 to 238, while 497 counters traded unchanged. Volume was 1.1 billion shares valued at RM706.17 million.
The top gainers included Guan Chong Bhd, Mintye Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Hengyuan Refining Company Bhd, Malaysia Airports Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Dufu Technology Corp Bhd, Petron Malaysia Refining & Marketing Bhd and Malaysian Pacific Industries Bhd.
The actives included Sapura Energy Bhd, Daya Materials Bhd, Vsolar Group Bhd, Naim Holdings Bhd, Icon Offshore Bhd, Barjaya Land Bhd and Prestariang Bhd.
The decliners included Nestle (M) Bhd, United Plantations Bhd, Keck Seng (M) Bhd, Hong Leong Industries Bhd, Hong Leong Financial Group Bhd, UMW Holdings Bhd, Heineken Malaysia Bhd and Naim.
Most Southeast Asian stock markets eked out gains on Tuesday as global policymakers step in to support their economies, in a bid to stave off a sharp economic slowdown, boosting riskier assets, according to Reuters.
Sentiment got a lift after China took steps to lower borrowing costs for companies and Germany hinted plans of ramping up government spending to counter a future crisis, it said.
Kenanga IB Research said Asian markets closed mostly higher yesterday after the Bank of China unveiled a key interest rate reform.
It said back home, the FBM KLCI fell 2.77 points or 0.17% to close at 1,596.45. Chart-wise, the underlying trend of the index remains bearish as the index remains below all its key simple moving averages.
"However, we do not discount the possibility of a technical-rebound given that stochastic has been in oversold territory for a long period (around one month).
"Look out for overhead resistance levels at 1,630 (R1) and 1,650 (R2). Should selling pressure continue, key support levels to keep an eye on are 1,570 (S1) and 1,550 (S2)," it said.