KLCI pares gains, Scomi Group up 16.7% on fresh lifeline

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KUALA LUMPUR (July 19): The FBM KLCI pared some of its gains at the midday break today, while shares in ailing Scomi Group Bhd were actively traded after Tan Sri Wan Azmi Wan Hamzah and Gelombang Global Sdn Bhd (GGSB), a private vehicle of former Renong Bhd managing director Datuk Mohd Zakhir Siddiqy, have committed to invest RM42 million collectively in the firm.

At 12.30pm, the FBM KLCI was up 7.99 points at 1,656.92. The index had earlier risen to a high of 1,658.94.

Gainers led losers by 314 to 194, while 551 counters traded unchanged. Volume was 1.51 billion shares valued at RM683.71 million.

The gainers included Batu Kawan Bhd, Petronas Chemicals Group Bhd, HeiTech Padu Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, Complete Logistic Services Bhd, British American Tobacco (M) Bhd, Guan Chong Bhd and Telekom Malaysia Bhd.

Scomi Group was the most actively traded stock and jumped 16.7% or 1.5 sen to 10.5 sen with 117.8 million shares done.

The other actives included Sapura Energy Bhd, KNM Group Bhd, NetX Holdings Bhd and Green Packet Bhd.

The decliners included Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Yinson Holdings Bhd, Hong Leong Industries Bhd, Kobay Technology Bhd, Boustead Heavy Industries Corp Bhd and Sarawak Oil Palms Bhd.

Southeast Asian stock markets rose on Friday after a top Federal Reserve (Fed) official almost sealed the chance of a US rate cut later this month, with Thailand leading the pack as Fitch upgraded the country's outlook, according to Reuters.

New York Fed president John Williams said on Thursday policymakers need to act quickly and cannot wait for economic problems to materialise to add stimulus, in comments that the market took as further assurances of rate cuts at the end of the month, it said.

Affin Hwang Capital Research said the FBM KLCI Index dropped 8.6 points or 0.52% in yesterday's session, closing at 1,648.93.

"Market breadth was negative with 269 gainers as compared to 561 losers.

"Trading volume was at 2.83 billion shares while value traded stands at RM1.81 billion.

"Downward bias escalates — price has been turning lower recently following a rejection at the key EMA200d (200-day exponential moving average). The index has dropped almost 46 points from a high of 1,694.55 reached early of this month.

"Price has also successfully push lower, now trading below the key daily EMAs, pointing towards a bearish outlook. Anticipate the index to move sideways with downward bias," it said.