KLCI pares gains as regional markets stall

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KUALA LUMPUR (Mar 25): The FBM KLCI pared some of its gains at the midday break today as regional markets stalled.

At 12.30pm, the FBM KLCI was up 5.39 points to 1,819.43. The index had earlier risen to its intra-morning high of 1,823.19.

Market sentiment was cautious with 367 gainers and 292 losers, while 321 counters traded unchanged. Volume was 973.79 million shares valued at RM827.59 million.

The top gainers in the morning session included British American Tobacco (M) Bhd, Hong Leong Capital, Nestle (M) Bhd, Tasco Bhd, Imaspro Corporation Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd and Prestariang Bhd.

The actively traded counters included Asia Bio Energy Technologies Bhd, Privasia Technology Bhd, Perisai Petroleum Teknologi Bhd, Tiger Synergy Bhd, Eti Tech Corporation Bhd, Wintoni Group Bhd and Takaso Resources Bhd.

The decliners included Rapid Synergy Bhd, Tahps Group Bhd, My E.G. Services Bhd, Fraser & Neave Holdings Bhd, Aeon Credit Services (M) Bhd, Syarikat Takaful Malaysia Bhd, IJM Corporation Bhd and Pos Malaysia Bhd.

Asian stocks stalled on Wednesday following declines on Wall Street, while the dollar held on to modest gains after a rise in U.S. inflation, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed by midday after a small bounce the previous day, it said.

Hong Leong IB Research said the FBM KLCI would trade range bound within 1,770–1,830 levels in the near term amid lack of catalysts

“Yesterday’s 1% rally could spur the FBM KLCI to retest higher resistance at 1824 or 200-day simple moving average in the near term,” it said.