KLCI reverses early loss, gains 0.37%

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KUALA LUMPUR (March 25): The FBM KLCI reversed its earlier loss and rose 0.37% at mid-morning today, lifted by select blue chips.

At 10am, the FBM KLCI rose 6.74 points to 1,820.78.

The top gainers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Imaspro Corporation Bhd, Petronas Gas Bhd, Public Bank Bhd, Latitude Tree Holdings Bhd, LPI Capital Bhd, Prestariang Bhd, United Plantations Bhd and Kuala Lumpur Kepong Bhd.

The actively traded stocks included Asia Bio Energy Technologies Bhd, Privasia Technology Bhd, Takaso Resources Bhd, Wintoni Group Bhd, Genetec Technology Bhd, Tiger Synergy Bhd and Perisai Petroleum Teknologi Bhd.

The top losers included Hong Leong Capital Bhd, Tahps Group Bhd, MISC Bhd, UMW Holdings Bhd, PPB Group Bhd, Lafarge Malaysia Bhd and Pos Malaysia Bhd.

Asian stocks were steady on Wednesday, caught between conflicting signals from lower Wall Street and higher euro zone shares, while the dollar held to modest gains after a rise in U.S. consumer inflation, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan stood little changed after a small bounce the previous day.

South Korean and Australian shares were effectively flat while Japan's Nikkei inched up 0.2 percent, it said.

Hong Leong IB Research said the FBM KLCI would trade range bound within 1,770-1,830 levels in the near term amid lack of catalysts

“Yesterday’s 1% rally could spur the FBM KLCI to retest higher resistance at 1824 or the 200-day simple moving average in the near term,” it said.