KLCI pares gains after breaching 1,640 level

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KUALA LUMPUR (April 24): The FBM KLCI pared some of its gains at the midday break today after having briefly breached the 1,640-point level.

At 12.30pm, the FBM KLCI was up 0.5% or 8.09 points to 1,635.53. The index had earlier risen to its intra-morning high of 1,640.96.

Gainers led losers by 340 to 236, while 603 counters traded unchanged. Volume was 2.15 billion shares valued at RM1.24 billion.

The gainers included Tasek Corp Bhd, Syarikat Takaful Malaysia Keluarga Bhd, United Plantations Bhd, Lafarge Malaysia Bhd, BIMB Holdings Bhd, Hengyuan Refining Company Bhd and SAM Engineering & Equipment (M) Bhd.

The actives included Bumi Armada Bhd, Priceworth International Bhd, Barakah Offshore Petroleum Bhd, KNM Group Bhd, Ekovest Bhd, Eduspec Holdings Bhd, Sapura Energy Bhd and TDM Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Bintulu Port Holdings Bhd, Rapid Synergy Bhd, Nestle (M) Bhd, Allianz Malaysia Bhd, Pintaras Jaya Bhd and Guan Chong Bhd.

Most Southeast Asian stock markets rose on Wednesday as a swathe of strong US corporate earnings perked up risk appetite and spread positive sentiment across Asia, according to Reuters.

Asian stock markets tracked record highs on Wall Street as fears of a broader slowdown were assuaged by strong corporate results. Optimism also allowed local markets to shrug off a spike in oil prices, it said.

Affin Hwang Capital Research said the FBM KLCI Index rose 5.38 points or 0.33% on Tuesday, closing at 1,627.44.

"The index closed in the green despite negative market breadth with 406 gainers as compared to 443 losers, suggesting that performance was lifted by index-linked stocks.

"Prices are now hovering around the 1,630 level, previously was support, now potentially acting as a resistance zone. Price action showing merely a very weak rebound higher which can be observed from the slow and lethargic bullish movement.

"We may see the struggle between bulls and bears at support," it said.