KLCI rebounds to defend firm stance over 1,700-level

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KUALA LUMPUR (June 22): The FBM KLCI rebounded to firmly defend its stance over the 1,700-point level at the midday break today as regional markets got off on a strong start to the week.

At 12.30pm, the FBM KLCI rose 0.64% or 11.11 points to 1,732.88.

Gainers led losers by 407 to 241, while 290 counters traded unchanged. Volume was 745.87 million shares valued at RM756.78 million.

The top gainers include Sam Engineering & Equipment (M) Bhd, British American Tobacco (M) Bhd, Carlsberg Brewery (M) Holdings Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, Amway (M) Holdings Bhd, Tenaga Nasional Bhd, Metal Reclamation Bhd, Panasonic Malaysia Manufacturing Bhd and RHB Capital Bhd.

The actives included Frontken Corporation Bhd, K-One Technology Bhd, AirAsia Bhd, Privasia Technology Bhd, IFCA MSC Bhd, APFT Bhd, KNM Group Bhd and Nexgram Holdings Bhd.

The top losers included Hong Leong Bank Bhd, Sarawak Oil Palms Bhd, UEM Edgenta Bhd, Malaysia Airports Holdings Bhd, Sarawak Plantations Bhd, Tasek Corpoartion Bhd and Tasco Bhd.

Asian shares got the week off to a strong start and US stock futures and the euro firmed on Monday, after Greece scrambled to avert defaulting on its debt with last-minute proposals aimed at appeasing its creditors, according to June.

Many investors were still cautious about Prime Minister Alexis Tsipras's proposals because it was not immediately clear how far they yielded to creditors' demands for additional spending cuts and tax hikes, nor whether creditors can stomach the offer, it said.

JF Apex Securities Research said that US markets declined on Friday following uncertainty on Greece's debt negotiation.

Meanwhile, it said European stocks climbed ahead of today's emergency meeting of European leaders to finalise a deal with Greece.

“On the local market, the FBM KLCI gained 3.65 points to 1,721.77 points.

“Following the mixed sentiment on Greece, we expect the FBM KLCI to continue hovering sideways above the support level of 1,715 points,” it said.