KLCI pares loss as regional markets advance

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KUALA LUMPUR (Dec 28): The FBM KLCI pared some of its losses at the midday break today as regional markets advanced on the back of a firmer overnight close at Wall Street.

At 12.30pm, the FBM KLCI was down 0.47 points to 1,690.25. The index had earlier fallen to a low of 1,684.47.

Losers overtook gainers by 300 to 283, while 340 counters traded unchanged. Volume was 803.23 million shares valued at RM447.83 million.

The decliners included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, Malaysia Airports Holdings Bhd, Hong Leong Bank Bhd, Hong Leong Industries Bhd, Aeon Credit Service (M) Bhd, Westports Holdings Bhd and Supermax Corp Bhd.

The actives included Hubline Bhd, Sapura Energy Bhd, Permaju Industries Bhd, Bumi Armada Bhd, Sanichi Technology Bhd, Datasonic Group Bhd, Prestariang Bhd and Velesto Energy Bhd.

The gainers included Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, United Plantations Bhd, Panasonic Manufacturing Malaysia Bhd, Amway (M) Holdings Bhd, MISC Bhd, Heineken Malaysia Bhd and Petron Malaysia Refining & Marketing Bhd.

Asia stocks gained on Friday after Wall Street ended volatile trade in the green, adding to the big advances of the previous session, although lingering investor jitters helped support safe-haven currencies such as the yen, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%. It has fallen almost 4% so far in December, it said.

Affin Hwang Capital Research said Asian markets were expected to open steady with upward bias, year-end window dressing anticipated to continue.

"FBM KLCI Index expected to continue its rebound despite volatility in the US market. Accumulate quality stocks on price weakness.

"Anticipate FBM KLCI Index to test the short-term resistance in the near future," it said.