KLCI gains 1.05% on bargain hunting

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KUALA LUMPUR (Feb 4): The FBM KLCI rose 1.05% at mid-morning lifted by bargain hunting activities at the local bourse after the recent selldown.

At 10am, the FBM KLCI rose 17.48 points to 1,650.78.

The top gainers included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, PPB Group Bhd, Sime Darby Bhd, Scientex Bhd, Ta Ann Holdings Bhd, Genting Bhd and Nestle (M) Bhd.

The actives included O&C Resources Bhd, SapuraKencana Petroleum Bhd, AirAsia X Bhd, KNM Group Bhd, Dufu Technology Bhd and APFT Bhd.

The top losers included rubber glove makers Kossan Rubber Industries Bhd, Top Glove Corporation Bhd and Hartalega Holdings Bhd, Karex Bhd, DKSH (M) Holdings Bhd, Boustead Holdings Bhd and Batu Kawan Bhd.

Asian shares rebounded on Thursday as speculation the US Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices, according to Reuters.

By some measures the US currency suffered its largest one-day percentage drop outside of the crises of 1998 and 2008, symptomatic of just how crowded bullish positions had been, it said.

BIMB Securities Research said in Asia, equities fell broadly overnight, with the Nikkei 225 index dropping 3.1%.

Locally, it said the FBM KLCI ended lower, following the Wall Street overnight, slipped 19.88 points or 1.2% to 1,633.30, weighed down by losses in energy counters.

"Trading participation shows net selling by foreign institutions while local institutions and retail were net buyers.

"We expect the local market to trade hovering around 1,625–1,640," it said.