KLCI erases losses, climbs higher


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KUALA LUMPUR (May 20): The FBM KLCI erased its earlier losses and edged higher at the midday break today despite the weaker regional sentiment.

At 12.30pm, the FBM KLCI clawed back into positive territory and rose 1.09 points to 1,810.81. The index had earlier slipped to its intra morning low of 1,807.95.

Market breadth was mixed with losers outpacing gainers by 366 to 254, while 348 counters traded unchanged. Volume was 1.06 billion shares valued at RM866.86 million.

The top gainers included Syarikat Takaful Malaysia Bhd, Kuala Lumpur Kepong Bhd, Malaysia Pacific Industries Bhd, Power Root Bhd, UMW Holdings Bhd, Malaysia Airports Holdings Bhd, Telekom Malaysia Bhd, Tasek Corporation Bhd and Vitroc Corporation Bhd.

The actives included Malakoff Corporation Bhd, Nexgram Holdings Bhd, Kanger International Bhd, Frontken Corporation Bhd, Daya Materials Bhd, AirAsia X Bhd and Perisai Petroleum Teknologi Bhd.

The decliners included Hong Leong Financial Group Bhd, Amway (M) Holdings Bhd, British American Tobacco (M) Bhd, Aeon Credit Services (M) Bhd, Nestle (M) Bhd, Protasco Bhd, Malakoff and United Plantations Bhd.

Asian shares slipped on Wednesday after a mixed day on Wall Street, though Japan's better-than-expected economic growth lifted the Nikkei to a nearly one-month high, according to Reuters.

The euro remained pressured by expectations that the European Central Bank would increase its bond-buying stimulus, it said.

BIMB Securities Research said that overnight in Asia, Shanghai stocks rallied 3.13%, their biggest gain in nearly four months, after China unveiled plans to boost the competitiveness of its manufacturing sector.

The research house said other regional markets also ended positive due to stronger sentiment following overnight gains in the US.

“Back home however, the FBM KLCI ended lower, down 13.78 points to 1,809.72 with heavy selling mostly on Power and telco counters.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“We expect the local market to be flat today due to lack of fresh catalysts with the index hover around 1,805–1,815,” it said.