KLCI pares loss, attempts to climb higher in line with region

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KUALA LUMPUR (Aug 1): The FBM KLCI pared some its loss at mid-morning today and made an attempt to climb higher in line with the gains at most regional markets.

At 10am, the FBM KLCI was down 0.03 points to 1,784.22. The index had earlier slipped to a low of 1,777.58.

Gainers led losers by 336 to 182, while 282 counters traded unchanged. Volume was 610.06 million shares valued at RM309.04 million.

The decliners included Tenaga Nasional Bhd, Ajinomoto (M) Bhd, Eita Resources Bhd, Top Glove Corp Bhd, Genting Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

The actives included Sapura Energy Bhd, Nova MSC Bhd, Priceworth International Bhd, Cuscapi Bhd, My E.G. Services Bhd, Velesto Energy Bhd, Opcom Holdings Bhd and APFT Bhd.

The gainers included Perusahaan Sadur Timah Malaysia (Perstima) Bhd, United Plantations Bhd, Petronas Gas Bhd, British American Tobacco (M) Bhd, LPI Capital Bhd and Hong Leong Bank Bhd.

Asian shares rose on Wednesday, following gains on Wall Street, as a report of attempts to renew talks between the United States and China eased trade war fears, but investors will be keeping a close eye on data due today, according to Reuters.

Global markets inched higher on Tuesday, helped by a Bloomberg report that the US and China were seeking to resume trade talks to defuse the battle over import tariffs, it said.

Hong Leong IB Research in a traders' brief said in the US, should any positive news flow emerge from the trade discussion between the US and China, the buying interest may extend over the near term.

"Also, the better-than-expected reporting season should be able to cushion any downside move on the Dow; the trading range will be located within 24,500-25,500.

"We noticed buying interest emerged yesterday after some positive news flows related to the construction sector.

"Also, foreigners have turned net buyers yesterday with an inflow of RM343.5 million; this may further boost the confidence on broader market, lifting the KLCI higher.

"However, momentum oscillators are suggesting the FBM KLCI is overbought and upside could be limited around 1,790-1,800," it said.