KLCI edges up in choppy trade

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KUALA LUMPUR (May 28): The FBM KLCI edged up at the midday break in choppy trade today, although the overall market sentiment was biased toward being bearish with losers outpacing gainers.

At 12.30pm, the FBM KLCI was up 0.25 points to 1,755.30.

Losers led gainers by 312 to 290, while 304 counters traded unchanged. Volume was 870.12 million shares valued at RM773.74 million.

The top gainers included Panasonic Malaysia Manufacturing Bhd, Public Bank Bhd, DanaInfra Nasional Bhd, TAHPS Group Bhd, Nestle Malaysia Bhd, Globetronics Technolgy Bhd, Heitech Padu Bhd, Time Dotcom Bhd, United Plantations Bhd and SHL Consolidated Bhd.

The actives included Xinghe Holdings Bdh, K-One Technology Bhd, Sumatec Resources Bhd, Frontken Corporation Bhd, Opensys (M) Bhd and Bioalpha Holdings Bhd.

The losers included British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Super Enterprise Holdings Bhd, Dutch Lady Milk Industries Bhd, K-One Techology, APM Automotive Bhd and MMC Corporation Bhd.

Asian shares shed gains on Thursday as the Chinese, Hong Kong and Australian markets slipped, while the dollar scaled a 13-year peak against the yen as it rallied on expectations the US Federal Reserve will raise rates this year, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped about 0.6%, it said.

AffinHwang Capital Research said the FBM KLCI was anticipated to stage a short-term rebound whilst digesting bullish catalysts and positive news from major markets.

“Market participants opine that bulk of recent bearish catalysts seem limited to local issues only and the real impacts to domestic economy are expected to be limited and temporary.

“Great opportunity for Trading Buy on selected quality stocks,” it said.