KLCI remains in positive zone amidst choppy trade

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KUALA LUMPUR (Feb 23): The FBM KLCI remained in positive territory at mid-morning on Monday in line with the limited gains at most regional markets.

At 10am, the FBM KLCI rose 1.16 points to 1,809.03.

The top gainers included LPI Capital Holdings Bhd, Hap Seng Consolidated Bhd, Kuala Lumpur Kepong Bhd, Syarikat Takaful Malaysia Bhd, Petronas Chemicals Bhd, Lafarge Malaysia Bhd, Signature Holdings Bhd, Scientex Bhd, VS Industry Bhd, Ecoworld Development Group Bhd and MISC Bhd.

The actives included Hubline Bhd, Wintoni Group Bhd, Kanger International Bhd, Perisai Petroleum Teknologi Bhd, Nexgram Holdings Bhd and KNM Group Bhd.

The top losers included United Plantations Bhd, Malayan Banking Bhd, Negeri Sembilan Oil Palms Bhd, Tasek Corporation Bhd, Petronas Dagangan Bhd, Uzma Bhd, Gas Malaysia Bhd and SapuraKencana Petroleum Bhd.

Stock markets and the euro started the week on a cautious note on Monday as a Greek debt deal struck last week remained in the balance until Athens drew up a list of reforms to satisfy its creditors, according to Reuters.

Although an initial relief over the last-minute deal boosted Wall Street shares to record highs late on Friday, Asian markets saw little follow-up buying, it said.

JF Apex Securities Research said US markets advanced on Friday as the Dow and S&P500 hit record highs after Greece's bailout was extended by four months.

The research house said that earlier on Friday, European markets were mixed before the agreement between Greece and its creditors.

“On the local market, the FBM KLCI fell 2.22 points to 1,807.87 with a shortened trading session on Wednesday.

“Following the positive development in Greece, we expect the KLCI to rise with resistance seen at 1830 points,” it said.