Friday 29 Mar 2024
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KUALA LUMPUR (May 30): The FBM KLCI pared some of its gains but stayed up 0.43% at the midday break today, lifted by gains including at Petronas-linked stocks and Tenaga Nasional Bhd.

At 12.30pm, the FBM KLCI was up 7.04 points to 1,630.71. The index had earlier risen to a high of 1,632.19.

Losers edged gainers by 294 to 229, while 491 counters traded unchanged. Volume was 1.11 billion shares valued at RM934.99 million.

The gainers included Petronas Dagangan Bhd, Petronas Gas Bhd, Can-One Bhd, Tenaga Nasional, AirAsia Group Bhd, Sarawak Consolidated Industries Bhd, Malaysia Airports Holdings Bhd, MISC Bhd, Oriental Holdings Bhd and Carlsberg Brewery Malaysia Bhd.

The actively traded stocks included AirAsia, Bumi Armada Bhd, Ekovest Bhd, Vortex Consolidated Bhd, Impiana Hotels Bhd, Sapura Energy Bhd and Dynaciate Group Bhd.

The losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Perushaan Sadur Timah Malaysia (Perstima) Bhd, LPI Capital Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd and Hong Leong Bank Bhd.

Most Southeast Asian stock markets rose on Thursday ahead of a key economic data announcement by China, with Philippines leading gains, while Singapore shares fell to a near five-month low, according to Reuters.

China's PMI, due on Friday, is expected to have shrunk in May according to a Reuters poll. China watchers say the central bank will have to keep up policy support to prevent a hard-landing for the economy, it said.

Affin Hwang Capital Research said the FBM KLCI Index has been performing strongly the past few days, extending its winning streak to three days now.

It said the index gained 9.1 points or 0.56% on Wednesday, closing at 1,623.67.

"The index performed well despite market breadth that is just slightly positive with 442 gainers as compared to 404 losers. Performance lifted by buying interest in heavy-weight counters like Tenaga Nasional, Press Metal Aluminium Holdings Bhd and Hartalega Holdings Bhd.

"Despite markets rebounding strongly the past couple of days, downward bias remains as global sentiments soured significantly.

"The index is likely to resume its movement lower," it said.

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