KLCI up at midday as sentiment perks up

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KUALA LUMPUR (Sept 19): The FBM rose at the midday break, as local investor sentiment perked up in line with the uptrend at most global markets following the overnight higher close at Wall Street.

At 12.30pm, the FBM KLCI rose 5.91 points to 1,851.23.

Gainers led losers by 442 to 245, while 312 counters traded unchanged. Volume was 1.24 billion shares valued at RM684.34 million.

The top gainers included F&N, Hong Leong Industries, Felda Global Ventures, Dutch Lady, Advanced Packaging, Hap Seng, QL Resources, HLFG, Cahya Mata Sarawak, MPI and Coastal Contracts.

Sanichi was the most actively traded counter with 77.98 million shares done. The stock rose 8% or one sen to 13.5 sen.

The other actives included Nexgram, Efficient, Sumatec, Talam Transform, KNM, DGB and Ni Hsin.

The decliners included Aeon Credit, Dana Infra, APM Automotive, Sarawak Oil Palms, United Plantations, Shangri-La, Tahps, Metal Reclamation and Tasco.

At the global markets, the British pound rose sharply after early results from the Scottish independence vote reinforced expectations Scotland would remain in the United Kingdom, while Asian shares gave up some of their earlier gains on Wall Street's strength, according to Reuters.

Sterling was last up 0.6 percent at $1.6496 after rising as high as $1.6525, a marked turnaround from a 10-month low of $1.6051 touched just last week, it said.

BIMB Securities Research said the FBM KLCI posted a 1.54 point gain at 1,845.32 on Thursday from last minute local buying support following BNM’s decision to maintain the OPR at 3.25%.

It said there were again net outflows of foreign funds from the local bourse yesterday amounting to RM141.1 million and totalling a rather hefty RM544.4m net outflow over the last three trading days.

“We reckon the FBM KLCI to continue trending within a tight trading range of between 1,840/50 and expect the index to possibly re-test the 1,850 in the immediate term,” it said.