KLCI pares loss, defends position above 1,700 level

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KUALA LUMPUR (Nov 1): The FBM KLCI pared some of its losses at the midday break today and defended its position above the crucial 1,700-point level.

At 12.30pm, the FBM KLCI fell 4.04 points to 1,705.23. The index had earlier dipped to its intra-morning low of 1,702.12.

Gainers led losers by 376 to 303, while 1,148 counters traded unchanged. Volume was 1.23 billion shares valued at RM764.98 million.

The top losers included Ajinomoto (M) Bhd, Fraser & Neave Holdings Bhd, Tenaga Nasional Bhd, Top Glove Corp Bhd, Hong Leong Financial Group Bhd, Malayan Banking Bhd, United Plantations Bhd and Westports Holdings Bhd.

The actives included Seacera Group Bhd, Prestariang Bhd, Datasonic Group Bhd, Hibiscus Petroleum Bhd, My EG Services Bhd, Frontken Corp Bhd and Orion IXL Bhd.

The gainers included Shangri-La Hotels (M) Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Hong Leong Bank Bhd, Apex Healthcare Bhd, Carlsberg Brewery Malaysia Bhd, Pentamaster Corp Bhd and Hai-O Enterprise Bhd.

Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session, while the pound rallied on a report Britain has secured a deal that would give its financial services firms continued access to European markets after Brexit, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9%, adding to modest gains the previous day, though this came after a brutal October month, it said.

Affin Hwang Capital Research said the FBM KLCI Index rebounded and surged higher, gaining 23.33 points, closing at 1,709.27 yesterday.

It said the index had broken above the 1,700 psychological level, which may be a catalyst for prices to continue moving upwards

Nonetheless, it said this current market pullback provides good opportunities for investors to accumulate quality stocks.

"Anticipate the index to continue moving higher, supported by technical indicators and following gains seen around the global arena.

"Anticipate the FBM KLCI Index to stage a technical rebound in the near term," it said.