KLCI notches up marginal gains

KLCI notches up marginal gains

-A +A

KUALA LUMPUR (Nov 19): The FBM KLCI notched up limited gains at mid-morning in line with the uptrend at mosr regional markets.

At 10am, the FBM KLCI added 3.12 points to 1,659.62.

The top gainers included KESM Industries Bhd, My E.G. Services Bhd, Petronas Dagangan Bhd, Hap Seng Consolidated Bhd, SAM Engineering & Equipment Bhd, Oriental Interest Bhd, MSM Malaysia Holdings Bhd, Keck Seng (Malaysia) Bhd, Malaysian Pacific Industries Bhd and Sime Darby Bhd.

The actively traded stocks included Instacom Group Bhd, The Media Shoppe Bhd, Minetech Resources Bhd, Hibiscus Petroleum Bhd, Borneo Oil Bhd, China Automobile Parts Holdings Bhd and Genetec Technology Bhd.

The decliners included HCK Capital Group Bhd, Kuala Lumpur Kepong Bhd, Deleum Bhd, British American Tobacco (M) Bhd, TSH Resources Bhd, RHB Capital Bhd and Cahya Mata Sarawak Bhd.

Asian share markets rose on Thursday as Wall Street bounced on expectations the Federal Reserve would be confident enough of the U.S. economy to raise rates in December but would then proceed with great caution on further tightening, acording to Reuters.

The prospect of the first U.S. hike in almost a decade kept the dollar strong overall and commodities under severe pressure, it said.

Hong Leong IB Research said Bursa Malaysia is likely to recover today in line with strong overnight rebounds in Dow and Europe markets.

“We reiterate our view that unless a decisive breakout above 1674, the FBM KLCI is likely to engage in short term range bound consolidation with key interim support near 1642  and resistance at 1674 territory.

“A breakout above 1674 will spur KLCI towards 1687-1700 levels while a breakdown below 1642 will see index lower towards 1600-1615 zones,” it said.