KLCI in positive zone but gains capped by lack of fresh leads

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KUALA LUMPUR (March 17): The FBM KLCI remained in positive territory, albeit with limited gains, as a lack of fresh leads kept investors on the sidelines.

At 12.30pm, the FBM KLCI was up 4.75 points to 1,785.29. The index had earlier dipped to its intra-morning low of 1,779.96.

Market breadth was weaker with 400 losers and 270 gainers, while 326 counters traded unchanged. Volume was 1.44 billion shares valued at RM672.16 million.

The top gainers included Danainfra Nasional Bhd, Syarikat Takaful Malaysia Bhd, Lafarge Malaysia Bhd, PPB Group Bhd, IQ Group Holdings Bhd, MISC Bhd, Far East Corporation Bhd, Petronas Dagangan Bhd, Genting Malaysia Bhd and Petronas Gas Bhd.

The actively traded stocks included Eti Tech Corporation Bhd, PUC Founder (MSC) Bhd, Privasia Technology Bhd, Nexgram Holdings Bhd, Wintoni Group Bhd, Asia Bio Energy Technologies Bhd and Genetec Technology Bhd.

The top decliners included LTKM Bhd, Warisan TC Bhd, Malaysia Smelting Corporation Bhd, British American Tobacco (M) Bhd, Apollo Holdings Bhd, Dutch Lady Milk Industries Bhd, UMW Holdings Bhd and Parkson Group Holdings Bhd.

Asian shares rose on Tuesday, following Wall Street's lead, as investors positioned for the possibility that weaker-than-expected U.S. data will prompt the Federal Reserve to leave its options open this week on the timing of a future rate hike, according to Reuters.

Crude oil remained under pressure from a global supply glut, after U.S. crude lost as much as 4 percent in the previous session to hit a six-year low. It was last down about 0.3 percent at $43.75 a barrel, it said.

Hong Leong IB Research said that despite the overnight strong Dow rebound, the FBM KLCI may continue to trade in a volatile fashion ahead of the FOMC meeting, depressed oil prices and ringgit (versus US dollar).

“Weekly supports are at 1,760-1,770 whilst resistances fall on 1,790-1,800 levels,” it said.