KUALA LUMPUR (July 7): The FBM KLCI pared some of its gains in the mid-morning today ahead of Bank Negara Malaysia's (BNM) release of its monetary policy statement later in the day, while regional markets traded mixed.
At 10am, the KLCI was up 4.18 points at 1,581.08. The index had earlier risen to a high of 1,582.03.
Gainers led losers by 381 to 346, while 423 counters traded unchanged. Trading volume was 2.57 billion shares valued at RM1.23 billion.
The top gainers included KESM Industries Bhd, Batu Kawan Bhd, ViTrox Corp Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Public Bank Bhd and Top Glove Corp Bhd.
The actives included DGB Asia Bhd, AT Systematization Bhd, Anzo Holdings Bhd, Borneo Oil Bhd, JCY International Bhd, Trive Property Group Bhd, Iris Corp Bhd, PDZ Holdings Bhd and Icon Offshore Bhd.
The decliners included Nestle (Malaysia) Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (Malaysia) Bhd, Maxis Bhd, MyEG Services Bhd, Tune Protect Group Bhd, Prestariang Bhd and Mesiniaga Bhd.
Bloomberg said Asian stocks were mixed today after strong global gains yesterday saw US shares close higher for a fifth day.
The US dollar remained under pressure.
Hong Leong Investment Bank Research said riding on the bullish technical momentum and robust economic data coming out from the US and China, and hopes an effective vaccine should be ready for the second wave of Covid-19 would fuel optimism about further KLCI recovery momentum ahead.
“Moreover, with the return of foreign buying [after 13th straight days of net selling since June 16] as well as expectations of an OPR (overnight policy rate) cut on July 7 [based on the consensus], the index could trend higher towards the 1,591-1,600 region before imminent profit taking ahead of the Parliament resitting on July 13,” it said.