KLCI gains 0.17% as index-linked glove makers lift

KLCI gains 0.17% as index-linked glove makers lift
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KUALA LUMPUR (Jan 21): The FBM KLCI gained 0.17% at mid-morning today, against the backdrop of cautious regional markets, lifted by advances at index-linked glove makers.

At 10.01am, the FBM KLCI rose 2.65 points to 1,591.53.

Gainers led losers by 295 to 247, while 287 counters traded unchanged.

Volume was 773.92 million shares valued at RM390.7 million.

The top gainers included Top Glove Corp Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Heineken Malaysia Bhd, Pentamaster Corp Bhd, Petronas Gas Bhd, Supermax Corp Bhd and Dufu Technology Corp Bhd.

The actives included Vortex Consolidated Bhd, Yong Tai Bhd, Rimbunan Sawit Bhd, Supermax, MCT Holdings Bhd, TDM Bhd, TH Heavy Engineering Bhd and Hubline Bhd.

The losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Aeon Credit Service (M) Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Reuters said Asian shares got off to a cautious start on Tuesday lacking any lead from Wall Street and after the International Monetary Fund shaved its outlook for world growth this year, though it did offer a brighter view on China.

MSCI's broadest index of Asia-Pacific shares outside Japan was fractionally down 0.04%, it said.

Hong Leong IB Research said that in the US, the Dow's uptrend is fairly intact amid fading US-Iran geopolitical tensions and de-escalation of US-China trade tensions coupled with the expectation of low US Federal Reserve interest outlook ahead of the Jan 28-29 meeting (US time).

"In wake of the ongoing positive 4Q19 reporting season, we remain optimistic the Dow could advance towards 29,500-30,000 territory in the next few weeks, with support set around 28,500-28,700 levels.

"Following the weak closing yesterday, KLCI is envisaged to extend its sideways consolidation mode ahead of the long Chinese New Year holidays (half-day trading on Jan 24 and reopens on Jan 28).

"Technically, unless a decisive fall below 1,575 (uptrend line support from 1,571), KLCI's near-term upward momentum remains intact. Key resistances are 1,600/1,613 whilst supports fall on 1,584/1,571 levels," it said.