KLCI ekes out marginal gains as regional markets retreat

-A +A

KUALA LUMPUR (April 30): The FBM KLCI eked out marginal gains at the midday break today, against the backdrop of weaker regional markets.

At 12.30pm, the FBM KLCI gained 3.32 points to 1,640.72.

Losers overtook gainers by 301 to 238, while 504 counters traded unchanged. Volume was 1.17 billion shares valued at RM729.71 million.

The gainers included Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Fraser & Neave Holdings Bhd, RHB Bank Bhd, Malayan Banking Bhd, Unisem (M) Bhd, MISC Bhd and Mega First Corp Bhd.

The actives included Bumi Armada Bhd, Karex Bhd, Ekovest Bhd, KNM Group Bhd, Seacera Group Bhd, Orion IXL Bhd and Tiger Synergy Bhd.

The decliners included Nestle (M) Bhd, Lotte Chemical Titan Holding Bhd, Keck Seng (M) Bhd, Genting Plantations Bhd, Dutch Lady Milk Industries Bhd, Spritzer Bhd and G3 Global Bhd.

Shares in Asia fell on Tuesday as readings on China's manufacturing activity failed to meet expectations, underscoring weakness in the world's second-largest economy despite Beijing's attempts to spur growth, according to Reuters.

Both official and private business surveys pointed to slower Chinese factory growth this month, dashing hopes for a steady reading or even a faster expansion. Data also showed a slower expansion in its services sector, adding to economic uncertainty, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat yesterday, dropping 0.98 points or 0.1%, to close at 1,638.38.

"Trading volumes dropped while the FBM KLCI index testing immediate resistance at 1,640, which is equivalent to EMA20 days (20-day exponential moving average).

"Anticipate the market to consolidate sideways between 1,650-1,600 range.

"Anticipate the FBM KLCI Index to consolidate sideways with slight upward bias," it said.