KLCI holds on to gains as market reacts positively to approved economic sectors operating at full capacity

KLCI holds on to gains as market reacts positively to approved economic sectors operating at full capacity
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KUALA LUMPUR (April 29): The FBM KLCI held on to its gains at mid-morning Wednesday as investors reacted positively to news of the government allowing approved economic sectors to operate at full capacity from today, while regional markets crept up as well.

International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali yesterday said all economic sectors that have been allowed to operate during the movement control order period can ramp up their operations to full capacity starting today.  

At 10am, the FBM KLCI rose 6.22 points to 1,378.42.

Gainers led losers by 427 to 145, while 268 counters traded unchanged. Trading volume was 1.35 billion shares valued at RM455.61 million.

The gainers included Panasonic Manufacturing Malaysia Bhd, British American Tobacco (M) Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Hong Leong Bank Bhd, KESM Industries Bhd, UWC Bhd, Petronas Chemicals Group Bhd and LPI Capital Bhd.

The actives included Sapura Energy Bhd, Lambo Group Bhd, Vortex Consolidated Bhd, ARB Bhd, Hubline Bhd, Key Alliance Group Bhd, KNM Group Bhd, AT Systematization Bhd, JCY International Bhd and Vivocom International Holdings Bhd.

The decliners included Nestle (M) Bhd, MISC Bhd, United Plantations Bhd, Hong Leong Industries Bhd, Allianz Malaysia Bhd, Hap Seng Consolidated Bhd and Ibraco Bhd.

Reuters said Asian shares were cautiously higher on Wednesday as investors paused ahead of the US Federal Reserve's policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.

In early Asian trade, MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2% for its third straight day of gains, it said.

Rakuten Trade in its daily market report today said traders relented from their buying spree on US equities as they ran out of reasons to do so.

It said that as a result, the DJI Average slipped into the red zone, down 32 points but still above the 24,000 mark on a highly volatile session yesterday.

“Meanwhile, volatility of crude oil prices remains high as the WTI is still stuck at below the US$15/barrel which is sending bleak signals to the US shale producers amid looming bankruptcies.

“Therefore, we expect regional markets to remain mixed from the lack of any clear indicators.

“On the local front, we anticipate another listless trading session today with the FBM KLCI to trend between the 1,360/80 again,” it said.