KLCI reverses loss to claw back above 1,500 level as select index-linked stocks lift

KLCI reverses loss to claw back above 1,500 level as select index-linked stocks lift
-A +A

KUALA LUMPUR (June 19): The FBM KLCI reversed its earlier loss and clawed back to above the 1,500-point level at mid-morning, tracking regional markets, lifted by select index-linked blue chips.

At 10am, the FBM KLCI rose 3.66 points to 1,509.57. The index had earlier dipped to a low of 1,496.79.

Gainers led losers by 389 to 258, while 325 counters traded unchanged. Trading volume was 1.54 billion shares valued at RM737.07 million.

The gainers included Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, SAM Engineering & Equipment (M) Bhd, Heineken Malaysia Bhd, G3 Global Bhd, Allianz Malaysia Bhd, Kuala Lumpur Kepong Bhd and Manulife Holdings Bhd.

The actives included Minetech Resources Bhd, KNM Group Bhd, MQ Technology Bhd, AT Systematization Bhd, Anzo Holdings Bhd, Prestariang Bhd, Velesto Energy Bhd, ConnectCounty Holdings Bhd and Hibiscus Petroleum Bhd.

The decliners included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Kossan Rubber Industries Bhd, Malayan Banking Bhd and Media Prima Bhd.

Bloomberg said Asian stocks ticked higher in early Friday trading after a muted session on Wall Street saw shares end little changed.

The US dollar held its overnight gain, it said.

JF Apex Securities Research said US markets were mixed following worse-than-expected jobless claims and lingering concerns of coronavirus.

It said that earlier, European stocks declined as the Bank of England kept interest rates unchanged and expanded its bond buying program.

“On the local market, the FBM KLCI tumbled 21.41 points to 1,504.91 points.

“Following the lacklustre performances in the US and Europe, the FBM KLCI could decline further towards the support of 1,490 points,” it said.