KLCI gains 0.81%, crosses 1,600-level

KLCI gains 0.81%, crosses 1,600-level

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KUALA LUMPUR (Sept 9): The FBM KLCI rose 0.81% at mid-morning today to cross the 1,600-point level, lifted by select blue chips in line with the advance at most global markets.

At 10am, the FBM KLCI rose 13.04 points to 1,600.16.

The top gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, MISC Bhd, KLCC Property Holdings Bhd, Petronas Dagangan Bhd, UMW Holdings Bhd, Maxis Bhd, Petronas Gas Bhd and Telekom Malaysia Bhd.

The actives included The Media Shoppe Bhd, IFCA MSC Bhd, AirAsia Bhd, APFT Bhd, Iris Corporation Bhd and Nexgram Holdings Bhd.

The losers included SCC Holdings Bhd, Genting Plantations Bhd, Tecnic Group Bhd, Huat Lai Resources Bhd and NCB Holdings Bhd.

Asian markets caught a tailwind on Wednesday after upbeat German economic data powered gains in the U.S. and Europe, while the safe-haven yen slipped as investors' mood turned positive, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 percent in early trade, after major Wall Street indexes all logged gains of more than 2 percent, it said.

Hong Leong IB Research said it expects the FBM KLCI to trend higher today to retest 1,600-1,628 (30-d SMA) levels, in tandem with the overnight 2.4% rally in Dow and expectations of further rebound in SHCOMP in anticipation of more stimulus measures to spur weakening economy.

“However, the V-shaped relief rally from 3½-year low of 1,504 on August 24 will likely to find formidable resistance at 1,660 (Sept 1. high) due to lack of fresh catalysts, lingering internal and external risks. Key support is 1,563,” it said.