KLCI rallies 0.94% in line with regional gains

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KUALA LUMPUR (Dec 3): The FBM KLCI rallied 0.94% at midday break today, in line with gains at regional markets.

At 12.30pm, the FBM KLCI rose 15.93 points to 1,695.79.

Gainers led losers by 477 to 314, while 1,075 counters traded unchanged. Volume was 1.37 billion shares, valued at RM1.06 billion.

Top gainers included Malaysian Pacific Industries Bhd, KESM Industries Bhd, Petronas Gas Bhd, United Plantations Bhd, UMW Holdings Bhd, Aeon Credit Service (M) Bhd, CIMB Group Holdings Bhd, Hong Leong Bank Bhd, Axiata Group Bhd and Inari Amertron Bhd.

The actives included Bumi Armada Bhd, MyEG Services Bhd, Genting Malaysia Bhd, Jaks Resources Bhd, Priceworth International Bhd, Hibiscus Petroleum Bhd, Destini Bhd and AirAsia X Bhd.

Losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Padini Holdings Bhd, Fraser & Neave Holdings Bhd and Hong Leong Financial Group Bhd.

Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets, according to Reuters.

Trade-exposed currencies led early gains, with the Australian dollar notching a four-month peak, while the dollar dropped to one-month lows against the yuan, Reuters said.

Affin Hwang Capital Research said the FBM KLCI Index ended on a sour note last week, dropping 16.48 points or 1% to close at 1679.86.

It said prices failed to break above the EMA20d once again, moving lower, now hovering just above the 1675 immediate support level

“Anticipate the index to open higher today, following gains seen in the US market after a successful trade talk.

“Year-end window dressing [is] also anticipated to be the catalyst for a December rally,” the research house said.