Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 13): The FBM KLCI remained in positive territory at the midday break on Friday, in line with the advance at most regional markets on improved global sentiment on news of a ceasefire accord in Ukraine.

At 12.30pm, the local index gained 6.07 points to 1,795.14, lifted by Petronas-linked stocks as well as Tenaga Nasional Bhd.

Gainers led losers by 406 to 276, while 288 counters traded unchanged. Volume was 1.05 billion shares valued at RM973.39 million.

The top gainers included Fraser & Neave Holdings Bhd, Guinness Anchor Bhd, Tasek Corporation Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, VS Industry Bhd, Tenaga, Latitude Tree Holdings Bhd, Press Metal Bhd, Encorp Bhd and Cahya Mata Sarawak Bhd.

The actively traded stocks included Perisai Petroleum Teknologi Bhd, Asia Bio Energy Technologies Bhd, KNM Group Bhd, Scomi Group Bhd, TH Heavy Engineering Bhd, Sumatec Resources Bhd and Icon Offshore Bhd.

The top decliners included British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Hong Leong Capital Bhd, Far East Corporation Bhd, Gas Malaysia Bhd, Dutch Lady Milk Industries Bhd, Tan Chong Motor Holdings Bhd and Kuala Lumpur Kepong Bhd.

Asian shares gained on Friday on news of a ceasefire accord in Ukraine, while Sweden's surprise move to cut its main rate into negative territory and hopes of a resolution between debt-strapped Greece and its creditors burnished risk appetite, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 percent. Japan's Nikkei slipped 0.3 percent but the broader Topix tacked on 0.1 percent, it said.

Maybank IB head of retail research and chief chartist Lee Cheng Hooi in a note to clients Friday said the FBM KLCI declined 9.88 points to 1,789.07 yesterday, while the FBMEMAS and FBM100 also closed lower by 54.28 points and 56.84 points, respectively.

He said in terms of market breadth, the gainer-to-loser ratio was 333-to-430 while 328 counters were unchanged, adding that a total of 1.68 billion shares were traded valued at RM2.51 billion.

“We recommend a “Sell on Rallies” stance for the index. The KLCI Feb Futures moved into a large 8.07-point discount against the FBMKLCI. We expect weaker nibbling at the supports of 1,751 to 1,780, whilst very heavy liquidation would be at the resistances of 1,789 and 1,816.

“The index was volatile after heavy foreign selling emerged in Nov and it plunged to a fresh low of 1,671.82 on 17 Dec. The rebound from the 1,671.82 low stalled at 1,831.41 (4 Feb).

“In view of the volatile DJIA trend at lofty levels, it will be very wise to sell the FBM KLCI at the stipulated resistances, with a clearly weaker trend for the local index,” he said.

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