KLCI pares gains, up 0.34% in line with region advance

-A +A

KUALA LUMPUR (April 2): The FBM KLCI pared some of its gains at the midday break today and was up 0.34%, in line with the uptrend at regional markets.

At 12.30pm, the FBM KLCI was up 5.49 points to 1,634.15. The index had earlier risen to its intra-morning high of 1,639.32.

Gainers led losers by 325 to 236, while 505 counters traded unchanged. Volume was 1.67 billion shares valued at RM907.68 million.

The gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Public Bank Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Maxis Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd and Allianz Malaysia Bhd.

The actives included Nadi Gagasan Cergas Bhd, Sapura Energy Bhd, Perdana Petroleum Bhd, Dynaciate Group Bhd, Alam Maritim Resources Bhd and Hibiscus Petroleum Bhd.

The losers included IHH Healthcare Bhd, ViTrox Corp Bhd, Syarikat Takaful Malaysia Keluarga Bhd, United Malacca Bhd, Lebtech Bhd, Spritzer Bhd and UEM Edgenta Bhd.

Southeast Asian stock markets rose on Tuesday, in line with broader Asia, as positive factory activity data from the United States and China eased worries about slowing global growth, according to Reuters.

US manufacturing activity rebounded a bit more than expected last month, according to an industry report released on Monday, while China's manufacturing sector unexpectedly returned to growth for the first time in four months in March, a private business survey showed on Monday, it said.

Affin Hwang Capital Research said the FBM KLCI Index started off the week on the back foot, dropping 14.97 points or 0.9%, closing at 1,628.66.

"The index is now at the previous low around 1,630. Observe price action closely today — look to see if prices would leave clues regarding presence of buyers at support.

"Moving forward, the 1,600-1,615 level would act as the next key support area as prices bounced off the level strongly on three separate occasions in 2016.

"Anticipate the FBM KLCI Index to further soften, potentially retesting the 1,630-1,615 level," it said.