KLCI remains positive amidst mixed market sentiment


-A +A

KUALA LUMPUR (May 11): The FBM KLCI remained in positive territory at the midday break today but market sentiment appeared mixed as losers overtook gainers.

Investors classified as foreign sold equity listed in the open market on Bursa amounting to RM460.4 million on a net basis last week, compared with RM577.6 million the week before, according to MIDF Research.

At 12.30pm today, the FBM KLCI added 3.41 points to 1,811.06.

Market breadth was mixed with 377 losers and 312 gainers, while 317 counters traded unchanged. Volume was 769.56 million shares valued at RM618.74 million.

The top gainers included Oriental Food Industries Bhd, MNRB Holdings Bhd, SAM Engineering Bhd, The Store Corporation Bhd, Latitude Tree Holdings Bhd, PPB Group Bhd, Manulife Holdings Bhd and Axiata Group Bhd.

The actives included Vsolar Group Bhd, Kanger International Bhd, APFT Bhd, Frontken Corporation Bhd, Nova MSC Bhd and Perwaja Holdings Bhd.

The top losers included Syarikat Takaful Malaysia Bhd, Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Kuala Lumpur Kepong Bhd, Tenaga Nasional Bhd, C.I. Holdings Bhd, British American Tobacco (M) Bhd, Hartalega Holdings Bhd and Sunway Bhd.

Asian shares rose on Monday as investors cheered China's latest cut to interest rates to bolster its flagging economy and after Wall Street rallied on a robust headline reading for US employment.

China cut interest rates for the third time in six months on Sunday, and analysts predicted policymakers would relax reserve requirements and cut rates again in the coming months.

BIMB Securities Research said that in Asia, key indexes ended mostly higher with Hong Kong and China posted sharp gain due to stronger corporate earnings.

It said that locally, the FBM KLCI ended flattish, gaining 2.55 points or 0.14% to 1,807.65, lifted by banking stocks.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“We expect the index to rebound due to improved global sentiment with immediate resistance at 1,811 while support at 1,798,” it said.