KLCI pares gains as regional markets scale record highs

KLCI pares gains as regional markets scale record highs
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KUALA LUMPUR (Feb 15): The main index at Bursa Malaysia pared some of its gains at mid-morning today against the backdrop of record-high regional markets.

At 10am, the FBM KLCI was up 11.82 points to 1,611.24. The index had earlier risen to a high of 1,614.92.

Gainers led losers by 610 to 263, while 401 counters traded unchanged. Trading volume was 2.3 billion valued at RM1.07 billion.

The gainers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd, ViTrox Corp Bhd, UWC Bhd, PMB Technology Bhd, Central Global Bhd and KESM Industries Bhd.

The actively traded stocks included Dagang NeXchange Bhd, Luster Industries Bhd, DGB Asia Bhd, QES Group Bhd, Sapura Energy Bhd, Velesto Energy Bhd and Iris Corp Bhd.

The decliners included Hong Leong Bank Bhd, PPB Group Bhd, Stella Holdings Bhd, Europ Holdings Bhd, Ajinomoto (M) Bhd and LBI Capital Bhd.

Reuters said Asian shares advanced to record highs on Monday and oil rose to a more than one year peak as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington.

MSCI's broadest index of Asia-Pacific shares outside Japan jumped 0.4% to 736.4.

Hong Leong IB Research said technically, the bulls have the upper hands now to break the stiff downtrend line resistance near 1,602 following back-to-back weekly gains of 33 points to 1,599.4, as sentiment is boosted by the ongoing rally in crude oil and FCPO prices, and expectations of systematic and effective implementation of the National Covid-19 Immunisation Programme (effective early March) will encourage the re-opening of various economic sectors, restore consumer sentiment, as well as boost Malaysia’s economic growth and resilience.

“However, the upside is likely to remain capped by the 1,618-1,628 hurdles as the 4Q20 earnings season begins,” it said.