KLCI gains 0.36% as select blue chips lift

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KUALA LUMPUR (March 24): The FBM KLCI gained 0.36% at mid-morning on Tuesday, lifted by select blue chips including Tenaga Nasional Bhd and Genting Bhd.

At 10.05am, the FBM KLCI rose 6.60 points to 1,802.45.

The top gainers included British American Tobacco (M) Bhd, United Plantations Bhd, Tenaga Nasional Bhd, Top Glove Corporation Bhd, Genting Bhd, UMW Holdings Bhd, BIMB Holdings Bhd, Faber Group Bhd and MISC Bhd.

The actively traded stocks included Takaso Resources Bhd, Privasia Technology Bhd, Sumatec Resources Bhd, Eti Tech Corporation Bhd, Tanco Bhd and APFT Bhd.

The decliners included Hong Leong Capital Bhd, Hong Leong Financial Group Bhd, BLD Plantation Bhd, Lafarge Malaysia Bhd, Kossan Rubber Industries Bhd, IJM Corporation Bhd, Globetronics Technology Bhd and Astral Asia Bhd.

An index of Asian shares rose in early trading on Tuesday, while the U.S. dollar wallowed near recent lows as investors bet that the U.S. Federal Reserve will stay its hand on hiking interest rates in the months ahead, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.3 percent in early trade, it said.

Japan's Nikkei stock average was down about 0.1 percent shortly after the open, edging away from the previous session's 15-year highs, said Reuters.

Hong Leong IB Research expects the FBM KLCI to trade range bound within 1770-1825 levels in the near term amid lack of catalysts.

“Sentiment will remain subdued, given nagging concerns such as GST risks, Ringgit weakness, depressed oil prices, IMDB debt saga and potential Fitch downgrade on Malaysia’s credit rating,” it said.