KLCI gains 0.54% but still shy of 1,700 level

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KUALA LUMPUR (Oct 31): The FBM KLCI rose 0.54% at the midday break today, tracking regional markets, but remained just below the 1,700-psychological level.

At 12.30pm, the FBM KLCI added 9.12 points to 1,695.06.

Gainers led losers by 511 to 193, while 1,192 counters traded unchanged. Volume was 1.19 billion shares valued at RM822.47 million.

The gainers included KESM Industries Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, ViTrox Corp Bhd, Petron Malaysia Refining & Marketing Bhd, Tenaga Nasional Bhd, Petronas Gas Bhd and Telekom Malaysia Bhd.

The actives included Seacera Group Bhd, Nova MSC Bhd, Datasonic Group Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Prestariang Bhd and Permaju Industries Bhd.

The losers included British American Tobacco (M) Bhd, BLD Plantation Bhd, New Hoong Fatt Holdings Bhd, Heineken Malaysia Bhd, Teo Seng Capital Bhd and Malaysia Airports Holdings Bhd.

Asian stocks pulled away from 20-month lows on Wednesday, thanks to a rebound on Wall Street, although investors remained cautious after an October month that saw sharp downturns across global equity markets, according to Reuters.

A confluence of factors from Sino-US trade tensions to worries about US corporate earnings to the end of easy money in development economies have spurred volatility in financial markets in the past few weeks, it said.

Affin Hwang Capital Research said the FBM KLCI Index continue to congest sideways, closing little changed (up 2.21 points) at 1,685.94.

It said investors should keep a close watch on whether the immediate 1,650 support level will hold or will be broken convincingly to determine further direction.

"Nonetheless, this current market pullback provides good opportunities for investors to accumulate quality stocks.

"Anticipate the FBM KLCI Index to stage a technical rebound in the near term," it said.