KLCI gains 0.34% as regional markets advance

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KUALA LUMPUR (May 26): The FBM KLCI remained in positive territory at the midday break today in line with Asian shares that turned higher.

At 12.30pm, the FBM KLCI rose 0.34% or 6.03 points to 1,773.41.

The FBM Emas rose 31.72 points to 12.243.49 and FBMT100 added 29.98 points to 11,926.62.

Gainers led losers by 418 to 270 while 290 counters traded unchanged. Volume was 881.11 million shares valued at RM827.89 million.

The advancers included Far East Corporation Bhd, United Plantations Bhd, Syarikat Takaful Malaysia Bhd, Public Bank Bhd, PPB Group Bhd, British American Tobacco (M) Bhd, Axiata Group Bhd, KLCC Property Holdings Bhd and IFCA MSC Bhd.

The actively traded stocks included AirAsia X Bhd, Frontken Corporation Bhd, Xinghe Holdings Bhd, IFCA MSC, Vsolar Group Bhd, APFT Bhd and Sumatec Resources Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, TAHPS Group Bhd and Oriental Holdings Bhd.

Asian shares turned higher on Tuesday, reversing earlier losses on the back of gains in Hong Kong and China, while the dollar extended highs scaled in holiday-thinned trading in the previous session, according to Reuters.

European shares marked a weak finish in thin trade on Monday, with many markets in the region closed for holidays. US markets were also closed for Memorial Day, it said.

Hong Leong IB Research said that after nose-diving 5.3% from year-to-date high of 1,867.5 on May 13 to 1,767.4 yesterday, the FBM KLCI was grossly oversold (FIG1 &2) and we do not discount a relief rally in the near term.

“However, sentiment remains fragile and any rebound is likely to be capped near 1,800 levels amid nagging domestic concerns.

“After breaking key support of 1,770 (50% FR) yesterday, the FBM KLCI is slated to revisit 1,740–1,750 zones, with stronger floor at 1,717 (76.4% FR),” it said.