KLCI pares gains in line with regional markets

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KUALA LUMPUR (July 15): The FBM KLCI pared some of its gains at the midday break today, in line with mosr regional markets.

At 12.30pm, the FBM KLCI was up 3.17 points to 1,724.27. The index had earlier risen to its intra-morning high of 1,726.09.

Gainers led losers by 294 to 273, while 317 counters traded unchanged. Volume was 729.92 million shares, valued at RM682.44 million.

The top gainers included British American Tobacco (M) Bhd, Tasco Bhd, Cycle & Carriage Bintang Bhd, Quality Concrete Bhd, Time Dotcom Bhd, DKSH (M) Holdings Bhd, Malaysian Pacific Industries Bhd, PPB Group Bhd and Hong Leong Financial Group Bhd.

The actives included Kinsteel Bhd, APFT Bhd, Scanwolf Corporation Bhd, KNM Group Bhd, AirAsia Bhd and JHM Consolidation Bhd.

The top decliners included Warisan TC Holdings Bhd, LTKM Bhd, V.S. Industry Bhd, Batu Kawan Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery (M) Holdings Bhd and Century Bond Bhd.

Asian stocks erased most of their gains on Wednesday, as Chinese shares slumped despite upbeat economic data, while the yen was steady after the Bank of Japan mildly trimmed its economic growth projection.

Investors continued to await other key events, including a Greek parliamentary vote on austerity measures and congressional testimony by the U.S. Federal Reserve chief.

Hong Leong IB Research said ahead of the long weekend Hari Raya holidays and pending the outcome of Greece’s parliament approval on revised bailout plan today, the FBM KLCI is likely to trade sideways for the rest of the week, supported by the formation of shooting star candlestick yesterday, coupled with lingering domestic uncertainties.