KLCI pares gains ahead of Bank Negara meeting

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KUALA LUMPUR (Sept 12): The FBM KLCI pared some of its gains at the midday break today, ahead of Bank Negara Malaysia's monetary policy committee meeting this afternoon.

At 12.30pm, the FBM KLCI was up 4.98 points to 1,607.28. The index had earlier risen to a high of 1,608.39.

Gainers led losers by 270 to 237, while 522 counters traded unchanged. Volume was 1.07 billion shares valued at RM789.27 million.

The gainers included British American Tobacco (M) Bhd, Petronas Chemicals Group Bhd, Petronas Gas Bhd, Carlsberg Brewery Malaysia Bhd, Malaysia Airports Holdings Bhd, Malaysian Pacific Industries Bhd, Digi.Com Bhd, KESM Industries Bhd, Khind Holdings Bhd and Petron Malaysia Refining & Marketing Bhd.

The actives included Hubline Bhd, Green Packet Bhd, Bumi Armada Bhd, Vsolar Group Bhd, Tadmax Resources Bhd and ARB Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Tenaga Nasional Bhd, IHH Healthcare Bhd, Hong Leong Industries Bhd, MBM Resources Bhd and Boustead Heavy Industries Corp Bhd.

Asian stocks hit a six-week high on Thursday on hopes for a thaw in US-China trade frictions and expectations that the European Central Bank would kick off another wave of monetary easing by global central banks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4% and Japan's Nikkei stock index rose 0.88%. Australian shares were up 0.56%, it said.

Affin Hwang Capital Research said the FBM KLCI Index moved higher in yesterday's session, gaining 6.45 points or 0.4%, closing at 1,602.3.

It said the index broke above the 1,600 psychological level yesterday as the upside bias gradually increases.

"Moving forward, we may potentially see some recovery in our local market, boosted by the improvement in global sentiments especially in the US as trade tensions begin to ease.

"Anticipate the index to trade sideways within a tight range," it said.