KLCI gains 0.78% in line with regional uptrend

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KUALA LUMPUR (Dec 17): The FBM KLCI gained 0.78% at mid-morning today in line with the advance at regional markets on the back of the overnight rally at global markets.

At 10am, the FBM KLCI rose 12.86 points to 1,646.99.

The top gainers included British American Tobacco (M) Bhd, Aeon Credit Services (M) Bhd, Malaysian Pacific Industries Bhd, PPB Group Bhd, Petronas Gas Bhd, Scientex Bhd, Can-One Bhd, Hong Leong Financial Group Bhd and Kuala Lumpur Kepong Bhd.

The actives included XOX Bhd, China Automobile Parts Holdings Bhd, 1 Utopia Bhd, Genetec Technology Bhd, Instacom Group Bhd and Comfort Gloves Bhd.

The losers included Ajinomoto (Malaysia) Bhd, Ibraco Bhd, Batu Kawan Bhd, Nestle (M) Bhd, Malaysia Airports Holdings Bhd, Carlsberg Brewery (M) Holdings Bhd and Petronas Dagangan Bhd.

Asian stock markets rose on Thursday as investors chose to take the hike in US interest rates as a mark of confidence in the world's largest economy, though the good cheer did not extend to oil where oversupply again pressured prices, according to Reuters.

The Federal Reserve's 25-basis-point increase was almost a decade in the making and easily one of the most telegraphed in history. So there was some relief that, after months of waiting and several false starts, the move was finally done and dusted, it said.

BIMB Securities Research said key regional market ended mostly higher yesterday following the positive lead in Wall Street the day before.

The research said that in line with the regional market, the FBM KLCI surged 11.29 points or 0.7% to finish at 1,634.13 yesterday.

It said trading participation shows net buying by local institutions and retail while foreign institutions were net sellers.

"We anticipate the index to gain buying interest today following a positive finish in Wall Street overnight after (the) Federal Reserve raised target federal funds rate to (a) range of 0.25% to 0.5% and thus expect the index to hover at around 1,635–1,645," it said.

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