Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 4): The FBM KLCI jumped 1.24% at the midday break Tuesday, tracking the bounce at regional bourses, lifted by index-linked counters including Petronas stocks.

At 12.30pm, the FBM KLCI rose 18.83 points to 1,540.78.

Gainers led losers by 383 to 199, while 547 counters traded unchanged. Volume was 1.73 billion shares valued at RM1.08 billion.

The gainers included Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Fraser & Neave Holdings Bhd, LPI Capital Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, United Plantations Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd and Petronas Chemicals Group Bhd.

The actives included AirAsia Group Bhd (AAGB), DGB Asia Bhd, Bumi Armada Bhd, Sapura Energy Bhd, mTouche Technology Bhd, KNM Group Bhd and Alam Maritim Resources Bhd.

The decliners included Batu Kawan Bhd, Kluang Rubber Company (Malaya) Bhd, Malayan Cement Bhd, AAGB, G3 Global Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Hume Industries (M) Bhd and Panasonic Manufacturing Malaysia Bhd.

Reuters said Asian stocks bounced on Tuesday with Chinese markets reversing some of their previous plunge amid official efforts to calm virus fears, although sentiment remained fragile with oil near 13-month lows.

The total number of coronavirus deaths in China reached 425 as of the end of Monday, from 20,438 cases, it said.

Kenanga IB Research said that yesterday, Asian stock markets continued to be dampened by the pessimism surrounding the coronavirus.

It said back home, the FBM KLCI dropped 9.11 points or 0.6% to close at 1,521.95.

The research house said chart-wise, the index remained below the crucial 1,600-point level and 20-day simple moving average (SMA).

"Coupled with the bearish crossover signal from MACD (moving average convergence divergence), we expect the index to experience a near-term consolidation.

"A resumption of the uptrend could be underway only when the index breaks out from the existing consolidation pattern by breaching the 1,600-psychological mark convincingly.

"With that, we turned to a neutral stance while lowering key support levels to 1,500 (S1) and 1,470 (S2). Conversely, overhead resistance can be seen at 1,550 (R1) and 1,600 (R2)," it said.

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