KLCI pares gains in line with nervous regional markets

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KUALA LUMPUR (Sept 1): The FBM KLCI pared some of its gains at mid-morning today, in line with the nervous regional markets.

At 10.01am, the FBM KLCI was up 14.42 points to 1,627.16. The index had earlier risen to a high of 1,660.22.

The top gainers included Petronas Dagangan Bhd, Petronas Gas Bhd, Batu Kawan Bhd, MISC Bhd, Genting Bhd, IHH Healthcare Bhd, Top Glove Corporation Bhd, Malaysian Pacific Industries Bhd, KLCC Property Holdings Bhd, Kossan Rubber Industries Bhd and Dayang Enterprise Holdings Bhd.

The actively traded stocks included The Media Shoppe Bhd, KNM Group Bhd, Nexgram Holdings Bhd, Sumatec Resources Bhd, AirAsia Bhd, SapuraKencana Petroleum Bhd, AMMB Holdings Bhd and Perisai Petroleum Teknologi Bhd.

The top losers included DanaInfra Nasional Bhd, Bursa Malaysia Bhd, Oriental Holdings Bhd, Lafarge Malaysia Bhd, PPB Group Bhd, Hartalega Holdings Bhd, Ibraco Bhd and British American Tobacco (M) Bhd.

Asian shares were skittish in early on Tuesday after logging their worst month in three years and the dollar struggled as investors braced for data from China that could raise fresh fears about the health of its economy, according to Reuters.

Losses on Wall Street also soured sentiment after comments from Federal Reserve Vice Chairman Stanley Fischer heightened fears among investors of a potential US interest hike in September, it said.

Hong Leong IB Research said that since sinking to a 3½ low of 1,504 on August 24, the FBM KLCI staged a superb 7.3% V-shaped rally to end at 1,612.7 last Friday.

“While stocks should rise further on technical perspective, a sustained recovery in buying momentum will likely to be capped near 1,654 (50% FR) as local investors needs to restore confidence and credibility amid lingering domestic concerns of political woes, 1MDB scandal, renewed worries of Malaysia sovereign ratings, sliding currencies and commodity prices, ballooning external debt, ailing stock market and falling international reserves,” it said.