KLCI pares gains as decliners overtake advancers

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KUALA LUMPUR (Aug 10): The FBM KLCI pared some of its gains at midday today as decliners overtook advancers, tracking the sentiment at most regional markets.

At 12.30pm, the FBM KLCI was up 3.52 points to 1,808.47. The index had earlier risen to a high of 1,812.69.

Losers overtook gainers by 289 to 254, while 587 counters traded unchanged. Volume was 1.07 billion shares valued at RM709.42 million.

The top gainers included United Plantations Bhd, British American Tobacco (M) Bhd, United Malacca Bhd, Malaysia Airports Holdings Bhd, Petronas Gas Bhd, Fraser & Neave Holdings Bhd, Cahya Mata Sarawak Bhd, Muda Holdings Bhd, APM Automotive Holdings Bhd and Petronas Dagangan Bhd.

The actives included Nova MSC Bhd, Borneo Oil Bhd, Key Asic Bhd, Foundpac Group Bhd, Frontken Corp Bhd, Destini Bhd, My E.G. Services Bhd and Diversified Gateway Solutions Bhd.

The losers included Far East Holdings Bhd, Scientex Bhd, Rapid Synergy Bhd, Ajinomoto (M) Bhd, Supermax Corp Bhd and Genting Bhd.

Asian stock markets fell on Friday amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia's rouble after the United States slapped on new sanctions, and as economic worries sent the Turkish lira tumbling, according to Reuters.

Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain, which the Kremlin denies, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat on Thursday (up 0.22 points) — starting to show early signs of consolidation as prices attempted to move higher (tried to breach the 61.8% Fib level) but were unsuccessful, closing at its open (doji candle pattern).

"Nonetheless, the underlying sentiments remain bullish.

"The FBM KLCI Index likely to peak for the short term, expect pullback in the near future," it said.