KLCI pares gains amid skittish regional markets

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KUALA LUMPUR (March 10): The FBM KLCI pared some of its gains at the midday break on Tuesday in line with the nervous sentiment at most regional markets.

At 12.30pm, the FBM KLCI was up 0.86 points to 1,792.60. The index had earlier risen to its intra-morning high of 1,798.35.

Gainers edged losers by 371 to 337, while 283 counters traded unchanged. Volume was 1.41 billion shares valued at RM1.07 billion.

The top gainers included LTKM Bhd, Press Metal Bhd, PPB Group Bhd, IQ Group Holdings Bhd, Syarikat Takaful Malaysia Bhd, Suria Capital Bhd, Cahya Mata Sarawak Bhd, C.I Holdings Bhd, MISC Bhd, MPI Capital Bhd and Brahim’s Holdings Bhd.

The top actives included Xinghe Holdings Bhd, The Media Shoppe Bhd, Wintoni Group Bhd, Eti Tech Corporation Bhd, Privasia Technology Bhd, Frontken Corporation Bhd, Nexgram Holdings Bhd and KNM Group Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Tasek Corporation Bhd, Nestle (M) Bhd, Puncak Niaga Holdings Bhd, Apollo Holdings Bhd, Danainfra Nasional Bhd, British American Tobacco (M) Bhd, Warisan TC Holdings Bhd, Manulife Holdings Bhd and Sime Darby Bhd.

The U.S. dollar climbed to multi-year peaks against the euro and yen in Asia on Tuesday amid starkly diverging outlooks for interest rates globally, while currencies from emerging markets came under mounting pressure from risk aversion, according to Reuters.

The skittish mood spread to Asian stocks as MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.6 percent, it said.

Maybank IB head of retail research and chief chartist Lee Cheng Hooi in a note to clients said the FBM KLCI tumbled 15.22 points to 1,791.74 yesterday, while the FBMEMAS and FBM100 also closed lower by 90.56 points and 86.38 points, respectively.

“We expect weak nibbling at the supports of 1,770 to 1,788, whilst very heavy liquidation activities cap all rebounds at the resistances of 1,791 and 1,826,” he said.