KUALA LUMPUR (April 27): The FBM KLCI pared some of its gains in mid-morning today as ramifications from the movement control order kept a lid on domestic investor sentiment.

As at 10.05am, the KLCI was up 3.14 points at 1,372.99. The index earlier risen to a high of 1,376.01.

Gainers led losers by 338 to 244, while 297 counters traded unchanged. Trading volume was 1.41 billion shares valued at RM517.51 million.

The gainers included Heineken Malaysia Bhd, Allianz Malaysia Bhd, Hong Leong Financial Group Bhd, Hong Leong Industries Bhd, Top Glove Corp Bhd, Public Bank Bhd and Ajinomoto (Malaysia) Bhd.

The actives included Careplus Group Bhd, Hubline Bhd, Sapura Energy Bhd, LKL International Bhd, Key Alliance Group Bhd, Powerwell Holdings Bhd and Velesto Energy Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Enra Group Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Reuters said Asian shares inched higher today ahead of a busy week for earnings and central bank meetings, with much chatter the Bank of Japan will announce more stimulus steps.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade, having shed 2.6% last week. Japan's Nikkei gained 1.1%, while E-Mini futures for the S&P 500 dipped 0.4%, it said.

Hong Leong Investment Bank Research said tracking a stunning recovery from the jaw-dropping collapse in oil prices and continuous drop in local active Covid-19 cases to 1,820 (lowest since March 27), KLCI may resume its upward momentum to retest the key 50-day simple moving average or 1,395-point resistance this week.

“Breaking this hurdle would lift the index from a sideways consolidation mode towards the 1,412-1,429 territory.

“Nevertheless, the third movement control order extension to May 12 could still pose downbeat ramifications to the economy and corporate earnings in 2020, crippling the bear-market rally,” it said.