KLCI extends gains in line with resurgent regional markets

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KUALA LUMPUR (Feb 16): The FBM KLCI extended its gains at mid-morning today in line with the resurgent regional markets.

At 10am, the FBM KLCI rose 8.75 points to 1,658.71.

The top gainers included Latitude Tree Holdings Bhd, Guinness Anchor Bhd, Genting Bhd, Carlsberg Brewery (M) Holdings Bhd, Axiata Group Bhd, CIMB Group Holdings Bhd, UMW Holdings Bhd, Tek Seng Holdings Bhd, AMMB Holdings Bhd and Sime Darby Bhd.

The actives included SKH Consortium Bhd, AirAsia X Bhd, Hubline Bhd, Tiger Synergy Bhd, JAG Bhd, Nexgram Holdings Bhd and Aemulus Holdings Bhd.

The decliners included Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, TIME dotCom Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Aemulus and Hong Leong Industries Bhd.

Asian shares are expected to consolidate gains on Tuesday as the Chinese currency and shares show signs of stability, oil prices rebound, and solid US consumption data suggest last week's sell-off was overdone, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade, it said.

Hong Leong IB Research said today the local bourse is expected to stage a follow-through rebound as oil prices rose nearly 2% on Monday.

"However, persistent external headwinds and the ongoing Feb reporting season are likely to weigh on the FBM KLCI in the short term, with potential downside risks towards 1,642–1,622 zones.

"Overall, the FBM KLCI is likely to trap in short-term consolidation given the external headwinds, unless it can swiftly reclaim above the key resistances of 1,674–1,688 congested territory," it said.