KLCI ekes out marginal gains in line with region

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KUALA LUMPUR (March 7): The FBM KLCI eked out marginal gains at the midday break today, in line with the muted trading at regional markets.

At 12.30pm, the FBM KLCI was up 1.91 points to 1,688.73. The index had earlier dipped to a low of 1,682.33.

Losers overtook gainers by 317 to 290, while 501 counters traded unchanged. Volume was 1.73 billion shares valued at RM1.12 billion.

The top gainers included Nestle (M) Bhd, Lafarge Malaysia Bhd, Tasek Corp Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Teck Guan Perdana Bhd, Hume Industries Bhd, Allianz Malaysia Bhd and Scientex Bhd.

The actives included Prestariang Bhd, My EG Services Bhd, Sino Hua-An International Bhd, Seacera Group Bhd, Ekovest Bhd, Malaysian Resources Corp Bhd, Lion Industries Bhd, Permaju Industries Bhd and Datasonic Group Bhd.

The decliners included British American Tobacco (M) Bhd, Apex Healthcare Bhd, Fraser & Neave Holdings Bhd, PMB Technology Bhd, KESM Industries Bhd and Dutch Lady Milk Industries Bhd.

Southeast Asian stocks edged higher in thin trading on Thursday as investors remained on the sidelines with the return of global growth concerns, according to Reuters.

The Organisation for Economic Co-operation & Development (OECD) cut its forecasts for the global economy in 2019 and 2020, following on from previous downgrades in November, as it warned that trade disputes and economic uncertainty over Brexit would hit world commerce and businesses, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed relatively flat on Wednesday, edging 1.2 points or 0.07% higher only.

It said the index closed at 1,686.82 and marks its first day closing in the green after six consecutive losing days.

"The index showed first sign of easing selling pressure in yesterday's trading session as prices failed to break below the low of the previous day's candle.

"Currently, prices remain supported above the 1,665-1,680 support level and also note that Stochastic on the daily chart has moved into oversold territory.

"Pullback by the FBM KLCI Index currently in progress," it said.