KLCI pares gains as neighbouring markets rally

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KUALA LUMPUR (March 12): The FBM KLCI pared some of its gains at the midday break today, while its neighbouring markets mostly rallied.

At 12.30pm, the FBM KLCI was up 7.45 points to 1,672.08. The index had earlier risen to a high of 1,672.64.

Gainers led losers by 345 to 224, while 526 counters traded unchanged. Volume was 1.72 billion shares valued at RM1.01 billion.

The gainers included Nestle (M) Bhd, Aeon Credit Service (M) Bhd, British American Tobacco (M) Bhd, Public Bank Bhd, QL Resources Bhd, Press Metal Aluminium Holdings Bhd, Magni-Tech Industries Bhd, Halex Holdings Bhd, RHB Bank Bhd and Genting Bhd.

The actives included Sapura Energy Bhd, Velesto Energy Bhd, My EG Services Bhd, Bumi Armada Bhd, Perdana Petroleum Bhd and Prestariang Bhd.

The decliners included Chin Teck Plantations Bhd, Apex Healthcare Bhd, Hong Leong Bank Bhd, Spritzer Bhd, Atlan Holdings Bhd, Petronas Dagangan Bhd, Kimlun Corp Bhd and LPI Capital Bhd.

Most Southeast Asian stock markets rallied on Tuesday, with Singapore leading gains, as sentiment across broader Asia lifted after the European Commission agreed to changes in a Brexit deal, boosting appetite for riskier assets, according to Reuters.

News that European Commission agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May, ahead of a vote in the British parliament, lent support to Asian stocks, it said.

CIMB Retail Research said the FBM KLCI Index continued to bleed on Monday as the disappointing economic data from the US and China raised investors' concerns over the global economic slowdown.

"For today, the local bourse may gain traction from the overnight rally on Wall Street and gains in crude oil prices.

"However, any rebound could be capped as equity investors may opt to stay on the sidelines before any Brexit deal is done. Resistance: 1,680 & 1,700. Support: 1,650 & 1,626," it said.