Friday 26 Apr 2024
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KUALA LUMPUR (April 3): The FBM KLCI rose 0.55% at the midday break today, tracking the advance at regional markets, as Public Bank Bhd and Genting Bhd lifted the local index.

At 12.30pm, the FBM KLCI rose 9.02 points to 1,641.85.

Gainers led losers by 306to 208, while 527 counters traded unchanged. Volume was 1.39 billion shares valued at RM786.04 million.

The top gainers included Panasonic Manufacturing Malaysia Bhd, Public Bank, Heineken Malaysia Bhd, Genting, Amway (M) Holdings Bhd, Apex Healthcare Bhd, Fraser & Neave Holdings Bhd, Lafarge Malaysia Bhd, IHH Healthcare Bhd and Hong Leong Financial Group Bhd.

The actives included Priceworth International Bhd, Sapura Energy Bhd, Bumi Armada Bhd, KNM Group Bhd, Frontken Corp Bhd and Sino Hua-An International Bhd.

The decliners included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Rapid Synergy Bhd, Malaysia Airports Holdings Bhd, KESM Industries Bhd, United Malacca Bhd and Gas Malaysia Bhd.

Asian shares rose to seven-month highs on Wednesday as investors lapped up signs of progress in US-China trade talks and brisk economic data, while oil approached the key US$70 per barrel mark, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% around 0310 GMT, after earlier touching its highest level since late August, it said.

Affin Hwang Capital Research said the FBM KLCI Index rebounded slightly in yesterday's session, gaining 4.17 points or 0.26%, closing at 1,632.83.

"Despite solid gains seen in the US market, the index managed to only stage a weak rebound, indicating that our market as a whole is lethargic and investors' confidence remains low.

"So far, price action is not showing clear signs of the presence of buyers. However, note that indicators, namely RSI (relative strength index) & Stochastic are hovering at oversold territories and this may lead to a short-term rebound in the index from support.

"Anticipate the FBM KLCI Index to further soften, potentially retesting the 1,630-1,615 level," it said.

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