KLCI notches limited gains in line with regional markets

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KUALA LUMPUR (Sept 14): The FBM KLCI rose at mid-morning in choppy trade in line with the gains at most regional markets.

At 10am, the FBM KLCI added 4.56 points to 1,608.16.

The top gainers included Oriental Food Industries Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Gamuda Bhd, Sarawak Oil Palms Bhd. Hartalega Holdings Bhd, KLCC Property Holdings Bhd, Malaysia Airports Holdings Bhd, Lii Hen Industries Bhd, Kuala Lumpur Kepong Bhd (KLK) and Tenaga Nasional Bhd.

The actives included Ingenuity Consolidated Bhd, China Automobiles Parts Holdings Bhd, Bumi Armada Bhd, IFCA MSC Bhd, China Stationery Limited Bhd, Sumatec Resources Bhd, AirAsia Bhd and KNM Group Bhd.

The top losers included British American Tobacco (M) Bhd, United Plantations Bhd, Genting Plantations Bhd, KLK, Carlsberg Brewery (M) Holdings Bhd, Nestle (M) Bhd, Top Glove Corporation Bhd and Petronas Chemicals Group Bhd.

Asian shares edged up on Monday in cautious trade, brushing off soft economic data from China, as investors looked to whether the US Federal Reserve is confident enough to raise interest rates for the first time in a decade, according to Reuters.

US stock futures rose 0.4% from late US levels in early Asian trade while Japan's Nikkei rose 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3%, it said.

Hong Leong IB Research said taking cue from Dow’s gain and in anticipation of positive economic measures to be unveiled by PM today to strengthen the economy and to restore investor confidence, the FBM KLCI may stage a mild rebound but is likely to be capped near 1,624 (50% FR) and 1,652 (61.8% FR) levels, ahead of the FOMC meeting and lingering domestic concerns.

“Key supports this week are 1,560–1,595 levels,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)