KLCI pares loss, stays firmly above 1,700 level

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KUALA LUMPUR (July 13): The FBM KLCI pared some of its loss and remained firmly above the 1,700-point level at the midday break today.

At 12.30pm, the FBM KLCI was down 2.02 points to 1,713.56. The Index had earlier slipped to a low of 1,707.00.

Losers overtook gainers by 345 to 227, while 289 counters traded unchanged. Volume was 841.38 million shares, valued at RM562.18 million.

The top losers included Chin Teck Plantations Bhd, Kluang Rubber Company (Malaya) Bhd, UPA Corporation Bhd, Hartaleha Holdings Bhd, UEM Edgenta Bhd, Cimb Group Holdings Bhd and Genting Plantations Bhd.

The actively-traded stocks were Vsolar Group Bhd, China Automobile Parts Holdings Bhd, AirAsia Bhd, Frontken Corporation Bhd, Scan wolf Corporation Bhd and KNM Group Bhd.

Top gainers included British American Tobacco (M) Bhd, V.S. Industry Bhd, Top Glove Corporation Bhd, SAM Engineering & Equipment Bhd, Aeon Credit Services (M) Bhd, Oriental Food Industries Bhd, Lii Hen Industries Bhd and Petronas Chemicals Group Bhd.

The euro steadied on Monday after an early dip, while top-rated bonds stayed in demand as the Greek debt crisis seemed set to rumble on for yet another week, though the market mood was helped by improving trade numbers from China, according to Reuters.

The moves were mild, amid news Euro zone leaders were to reconvene early on Monday, to discuss a compromise proposal on a third bailout for Greece, it said.

BIMB Securities Research said Asia stocks also rebounded last Friday (July 10), buoyed by China’s relentless boosters which for now, have managed to prop up its markets and also that of Hong Kong’s.

It said that locally, the FBM KLCI was also up in tandem with the regional uptrend, with the FBM KLCI having jumped 14.04 points at 1,715.58, as foreign funds finally prevailed with a net inflow of RM34.6 million last Friday.

“Nonetheless, there remains a total net foreign outflow of RM811.7 million for the whole of last week.

“We hope this will kick-start some sort of u-turn from the foreign funds and expect the local bourse to further expand its upside. Next target 1,730,” it said.