KLCI pares loss, eyes 1,600 level

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KUALA LUMPUR (Sept 10): The FBM KLCI pared some of its loss at the midday break today and was seen aiming to breach the 1,600-point level.

At 12.30pm, the FBM KLCI was down 3.88 points to 1,599.48. The index had earlier dipped to its intra-morning low of 1,586.84.

The top losers included Danainfra Nasional Bhd, Metal Reclamation Bhd, Public Bank Bhd, Far East Corporation Bhd, Pharmaniaga Holdings Bhd, Hong Leong Financial Group Bhd, Malayan Banking Bhd and Ibraco Bhd.

The actively traded stocks included AirAsia Bhd, APFT Bhd, IFCA MSC Bhd, Frontken Corporation Bhd, Privasia Technology Bhd and PDZ Holdings Bhd.

The top gainers included British American Tobacco (M) Bhd, Lii Hen Industries Bhd, Top Glove Corporation Bhd, Pos Malaysia Bhd, Gentng Bhd, MISC Bhd and Sasbadi Holdings Bhd.

Asian stocks fell on Thursday after lacklustre Chinese and Japanese economic data added to heightened worries about slackening global growth, sapping investors' appetite for riskier assets, according to Reuters.

The latest policy response to rising global risks came from the Reserve Bank of New Zealand (RBNZ), which cut its benchmark rate by 25 basis points to 2.75 percent and signalled more easing if China's economy slows down further, it said.

BIMB Securities Research said that on earlier trading, key regional markets closed mostly higher yesterday as news of stimulus from China while Japan's Nikkei share average saw its biggest day gain in seven years after Prime Minister Shinzo Abe's comments sparked hopes of more policy steps to support the economy and long-term investors emerged to pick up bargains.

Locally, it said the FBM KLCI gained 17.32 points or 1.09% to 1,603.36 amid rallying global markets.

“Trading participation saw net buying by local institutions while foreign institutions local retail were net sellers.

“We reckon the local market to remain positive today given the positive investor sentiment on the back of China’s stimulus plan with the index hovering in the region 1,610-1,615,” it said.