KLCI gains 0.26% as select blue chips lift

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KUALA LUMPUR (March 13): The FBM KLCI gained 0.26% at the midday break today, lifted by select blue chips, against a backdrop of subdued regional markets.

At 12.30pm, the FBM KLCI was up 4.38 points to 1,675.66.

Losers led gainers by 336 to 264, while 490 counters traded unchanged. Volume was 2.41 billion shares valued at RM1.11 billion.

The gainers included Kuala Lumpur Kepong Bhd, MBM Resources Bhd, Dutch Lady Milk Industries Bhd, RHB Bank Bhd, Amway (M) Holdings Bhd, Axiata Group Bhd, Mentiga Corp Bhd and Dialog Group Bhd.

The actives included Sapura Energy Bhd, Perdana Petroleum Bhd, KNM Group Bhd, Velesto Energy Bhd, Prestariang Bhd, Barakah Offshore Petroleum Bhd, Bumi Armada Bhd, JCY International Bhd and My EG Services Bhd.

The losers included KESM Industries Bhd, Nestle (M) Bhd, Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Hartalega Holdings Bhd, Padini Holdings Bhd, Top Glove Corp Bhd and Heineken Malaysia Bhd.

Most Southeast Asian stock markets were subdued on Wednesday, with Singapore taking the biggest hit, as investors remained cautious ahead of key industrial output data from China, amid plummeting risk appetite across broader Asia, according to Reuters.

Further dampening the global sentiment, British lawmakers rejected Prime Minister Theresa May's amended Brexit deal which had provided short-lived cheer in the previous session, putting the fate of the world's fifth largest economy on the line, it said.

Affin Hwang Capital Research said the FBM KLCI Index rebounded slightly on Tuesday, gaining 6.65 points or 0.4%, closing at 1,671.28.

"Note that the EMA20d (20-day exponential moving average) has crossed back below the EMA50d. When a shorter period EMA crossed below a longer period EMA, this [points] towards a sell signal.

"Not only that, prices are now trading below all of the daily EMAs, indicating a bearish view currently in play. However, technical indicators namely RSI (relative strength index) & Stochastic are hovering in oversold territories. Based on this, we may see a short-term recovery in the index. Nonetheless, we still remain a bearish bias.

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