KLCI gains 0.55% as select blue chips lift

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KUALA LUMPUR (Sept 14): The FBM KLCI rose 0.55% at midday break today, lifted by select blue chips.

Broader market sentiment however was wobbly, with decliners outpacing advancers.

At 12.30pm, the FBM KLCI rose 8.92 points to 1,612.52 points.

Losers overtook gainers by 387 to 238, while 252 counters traded unchanged. Volume was 974.34 million shares, valued at RM648.98 million.

The top gainers included Oriental Food Industries Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Tenaga Nasional Bhd, Sime Darby Bhd, Lii Hen Industries Bhd, Sarawak Oil Palms Bdh, Hartalega Holdings Bhd, Genting Malaysia Bhd and Gamuda Bhd.

The actives included Ingenuity Consolidated Bhd, UEM Sunrise Bhd, Bumi Armada Bhd, Sumatec Resources Bhd, AirAsia Bhd, China Automobile Parts Bhd, IFCA MSC Bhd and KNM Group Bhd.

The top losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, United Plantations  Bhd, Top Glove Bhd, Lay Hong Bhd, Kossan Rubber Industries Bhd and Astro Malaysia Bhd.

Asian shares rose on Monday in cautious trade, shrugging off soft economic data from China, as investors pondered as to whether the U.S. Federal Reserve will be confident enough to raise interest rates this week, for the first time in a decade, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, it said.

BIMB Securities Research said Asian markets were lower, amid the uncertainty attributed to the Feds' inability to decide on its rates.
It said most Asian currencies were also under pressure for the same.

Locally, it said the FBM KLCI lost 10.42 points at 1,603.60, as investors remained sideline due to the lack of catalysts.

“Last Friday (Sept 11) saw foreign funds continue with their selling, as another RM244.7 million net outflow were seen pushing the week’s total to RM743.8 million.
“We reckon the market may see some pressure on the 1,600 mark today again,” it said.