KLCI pares gains, stays up 0.28%

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KUALA LUMPUR (Sept 20): The FBM KLCI pared some of its gains and was up 0.28% at midday break, while remaining above the crucial 1,800-point level, in line with the advance at most regional markets.

At 12.30pm, the FBM KLCI was up 5.03 points to 1,805.74. The index had earlier risen to a high of 1,810.21.

Gainers led losers by 333 to 330, while 1,220 counters traded unchanged. Volume was 1.07 billion shares, valued at RM834.74 million.

Gainers included Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Heineken Malaysia Bhd, Ideal United Bintang International Bhd, Dialog Group Bhd, Southern Acids (M) Bhd, Genting Malaysia Bhd, Petronas Chemicals Group Bhd, Apex Healthcare Bhd and Genting Plantations Bhd.

The actives included Sapura Energy Bhd, Reach Energy Bhd, Hibiscus Petroleum Bhd, QES Group Bhd, My EG Services Bhd, Velesto Energy Bhd and Nexgram Holdings Bhd.

Losers included Dutch Lady Milk Industries Bhd, Mi Equipment Holdings Bhd, Carlsberg Brewery Malaysia Bhd, UMW Holdings Bhd, Perusahaan Sadur Timah Malaysia Bhd, Padini Holdings Bhd and KESM Industries Bhd.

Asian stocks followed global indexes higher on Thursday, as investors took a less bearish view on the impact of the U.S.-China trade war on markets, a sharp contrast to dim expectations economists had on U.S. growth, amid worsening tensions, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan took its lead from gains on Wall Street overnight, rising 0.2%, Reuters said.

Affin Hwang Capital Research said the FBM KLCI Index gained 7.77 points on Wednesday.

“Prices have been congesting sideways for the past few days now, while remaining supported above 50% Fib level (support).

“On the daily chart, RSI & Stochastic are also showing early signs of reversal upwards — positive for the index;

“The FBM KLCI Index may experience normal consolidation in the near-term,” the research house said.