KLCI pares gains as sentiment turns tepid

-A +A

KUALA LUMPUR (March 4): The FBM KLCI pared some of its gains at mid-morning on Wednesday as the broader market sentiment turned tepid in line with the cautious atmosphere at most regional markets.

At 10.01am, the FBM KLCI was up 0.02 points to 1,821.27. The index had earlier risen to a high of 1,826.05.

The top gainers included Guiness Anchor Bhd, United Plantations Bhd, Nestle (M) Bhd, Petronas Gas Bhd, MISC Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, Ibraco Bhd and Tenaga Nasional Bhd.

The actives included Asia Bio Energy Technologies Bhd, Nexgram Holdings Bhd, Hubline Bhd, Wintoni Group Resources Bhd, Privasia Technologies Bhd, Sumatec Resources Bhd and Sanichi Technology Bhd.

The decliners included British American Tobacc (M) Bhd, Hong Leong Financial Group Bhd, Malayan Banking Bhd, UMW Holdings Bhd, Warisan TC Holdings Bhd, Amway (M) Holdings Bhd, Petron Malaysia Bhd, Genting Bhd and Kossan Rubber Industries Bhd.

An index of Asian shares and the dollar both edged down on Wednesday, as investors grew cautious ahead of central bank meetings and U.S. data later in the week,according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1 percent in early trade, while Japan's Nikkei stock average fell 0.8 percent, it said.

JF Apex Securities Research said US stocks were lower overnight after coming off record levels as February auto sales declined slightly.

Similarly, it said European markets retreated after January producer prices dropped sharply.

“On the local front, the FBM KLCI gained 4.12 points to rebound to 1821.25 points.

“Following the negative performance in the US and Europe, we expect the FBM KLCI to follow suit and trend lower after failing to beat its resistance of 1830 points,” it said.