KLCI pares gains but remains above 1,700 level

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KUALA LUMPUR (July 10): The FBM KLCI pared some of its gains at the midday break today but remained firmly above the 1,700-point level in line with the gains at most regional markets.

At 12.30pm, the FBM KLCI was up 0.75% or 12.86 points to 1,714.40. The benchmark index had earlier risen to a high of 1,720.82.

The gainers led losers by 433 to 244, while 287 counters traded unchanged. Volume was 998.26 million shares valued at RM751.19 million.

The advancers included Danainfra Nasional Bhd, British American Tobacco (M) Bhd, Public Bank Bhd, Aeon Credit Services (M) Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery (M) Holdings Bhd, Cycle & Carriage Bintang Bhd, PPB Group Bhd, Time Dotcom Bhd, Puncak Niaga Holdings Bhd, UMW Holdings Bhd and Petronas Chemicals Group Bhd.

The actives included Multi-Sports Holdings Bhd, KNM Group Bhd, AirAsia Bhd, APFT Bhd, Perwaja Holdings Bhd, AirAsia X Bhd and Scanwolf Corporation Bhd.

The decliners included Kwantas Corporation Bdh, Axis REIT, Malaysia Steel Worlks (KL) Bhd, Tenaga Nasional Bhd and Parkson Group Bhd.

Asian shares and the euro gained on Friday as investors took heart from strength in recently volatile Chinese markets, and after Greece's offer of a new reform plan raised hopes of a deal at a weekend summit of European leaders, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan extended early gains and was up 1.2%, but was still on track for a weekly loss over 4% in a period marred by a savage correction in Chinese stock markets, it said.

BIMB Securities Research said that in Asia, Chinese stocks experienced its biggest daily gain in 6 years as the Chinese government attempting to rescue its struggling stock market.

It said this also triggered other regional markets to end higher Thursday.

“Locally, the FBM KLCI ended higher, gained 5.71 points or 0.34% to 1,701.54, lifted mainly by gaming and banking counters.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“We expect the local market to remain negative in the short term due to poor sentiment amid uncertainty in Greece and China with the index to hover around 1,690-1,700 level,” it said.