KUALA LUMPUR (Jan 8): The FBM KLCI reversed its earlier losses and climbed at the midday break, in line with the regional rebound.
However, the broader market sentiment remained weak, with sellers outpacing gainers.
At 12.30pm, the FBM KLCI rose 3.84 points to 1,658.97. The index had earlier dipped to its intra-morning low of 1,684.66.
Losers led gainers by 389 by 359, while 343 counters traded unchanged. Volume was 1.17 billion shares, valued at RM835.29 million.
The top gainers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Karex Bhd, Tien Wah Corporation Bhd, Kuala Lumpur Kepong Bhd, Lay Hong Bhd, IQ Group Bhd and Petron Malaysia Refining & Marketing Bhd.
The actives included Instacom Group Bhd, Hubline Bhd, APFT Bhd, XOX Bhd, Borneo Oil Bhd and ES Ceramics Technologies Bhd.
The top losers included Globetronics Technology Bhd, Scientex Bhd, Panasonic Malaysia Manufacturing Bhd, Kossan Rubber Industries Bhd, Lafarge Malaysia Bhd, P.I.E. Industrial Bhd and Can-One Bhd.
Asian shares rebounded on Friday, led by strong gains for battered Chinese stocks, after China suspended its market circuit breaker and set a firmer midpoint rate for trading of the yuan for the first time in nine days, according to Reuters.
Shares in Asia were still on track for their biggest weekly fall in more than four months, but Friday's advances seemed to reduce some of the fears that have hit global markets, it said.
AffinHwang Capital Research said that focus is expected to be more on smallcap, technology and industrial stocks.
“Euro area and China hints more stimulus, despite recent U.S rate hike.
“Technically, stocks in Bursa Malaysia are generally bullish and ready to test higher resistances in January,” it said.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)