KLCI reverses loss, crosses 1,730 level

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KUALA LUMPUR (Dec 13): The FBM KLCI reversed its earlier losses and climbed at the midday break, in line with the gains at most regional markets.

At 12.30pm, the FBM KLCI added 1.19 points to 1,730.76. The index had earlier dipped to its intra-morning low of 1,725.95.

Gainers led losers by 339 to 292, while 499 counters traded unchanged. Volume was 1.36 billion shares valued at RM926.95 million.

The gainers included ViTrox Corp Bhd, Bursa Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, LPI Capital Bhd, Hengyuan Refining Company Bhd, Panasonic Manufacturing Malaysia Bhd, Top Glove Corp Bhd, Genting Bhd, Fraser & Neave Holdings Bhd and Genting Malaysia Bhd.

The actives included NetX Holdings Bhd, PUC Bhd, Sapura Energy Bhd, Trive Property Group Bhd, DGB Asia Bhd, Dagang NeXchange Bhd, Diversified Gateway Solutions Bhd, Frontken Corp Bhd, Hibiscus Petroleum Bhd and Malayan United Industries Bhd.

The decliners included Magni-Tech Industries Bhd, Malaysian Pacific Industries Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, Enra Group Bhd, Gamuda Bhd, Perak Corp Bhd and Alliance Bank Malaysia Bhd.

US stock futures, Treasury yields and the dollar fell on Wednesday as Democrat Doug Jones beat Republican Roy Moore in a bitter US Senate race in Alabama, while Asian shares edged up as crude oil futures took back lost ground, according to Reuters.

Jones' victory could mean trouble for President Donald Trump and his populist political base. It would narrow the Republicans' already slim majority in the US Senate, possibly making it harder for Trump to advance his policy agenda, it said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said the dollar index rose to its highest level for a month and the broad world market lost ground as participants digested news of a rise in US wholesale inflation that exceeded market expectations and awaited interest rate decision from the Federal Reserve.

"Malaysia equity indices pushed further into record territory, even as oil prices came off the boil following the previous session's hefty gains.

"We expect more bullish impact from a flurry of expectation over the prospects for USA tax reform. Bursa consolidation mode remains, accumulate quality stocks on price weakness," he said.