KLCI pares gains in line with tepid mood at regional markets

-A +A

KUALA LUMPUR (Nov 25): The FBM KLCI pared some of its gains at the midday break on Tuesday in line with the retreat at most regional markets.

At 12.30pm, the FBN KLCI was up 5.51 points to 1,839.28. The index had earlier risen to its intra morning high of 1,843.55.

Market breadth turned negative with decliners leading advancers by 386 to 248 while 278 counters traded unchanged. Volume was 953.76 million shares valued at RM712. 26 million.

The top gainers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Malaysia Airports Holdings Bhd, Hong Leong Bank, KSL Holdings Bhd, Uzma Bhd, Telekom Malaysia Bhd, Syarikat Takaful Malaysia Bhd, My E.G. Services Bhd and NCB Holdings Bhd.

Minetech Resources Bhd was the most actively traded counter with 75.07 million shares done. The stock was flat at 16 sen.

The other actives included Nova MSC Bhd, Frontken Corporation Bhd, Berjaya Corporation Bhd, Pasukhas Holdings Bhd, Sona Petroleum Bhd, Privasia Technologies Bhd and SILK Holdings Bhd.

The decliners included Petronas Dagangan Bhd, Faber Group Bhd, Ajinomoto (Malaysia) Bhd, IJM Corporation Bhd, Genting Bhd, Berjaya Auto Bhd, LPI Capital Bhd and SILK Holdings Bhd.

Regionally, Asian shares gave back some of their China-inspired gains on Tuesday, while oil prices stumbled as traders lowered their expectation of a significant output cut at this week's OPEC meeting,according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent after rallying in the previous session following China's surprise interest rate cut, it said.

JF Apex Securities Research said U.S. stocks rose overnight with retailers gaining as investors bet lower gasoline prices will translate into increased sales as consumers shop for holiday gifts.

Meanwhile, it said European shares closed mixed with sentiment boosted by speculation of more credit easing in the euro zone and better-than-expected data from Germany.

“On the local market, the FBM KLCI rallied 24.64 points to 1833.77 points.

“Asian indices could open mixed roday despite an inspiring handover from Wall Street overnight as traders lock in gains. We expect the KLCI to test its resistance of 1835 points,” it said.