KLCI reverses loss, edges higher as regional markets pause

KLCI reverses loss, edges higher as regional markets pause
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KUALA LUMPUR (Dec 30): The main index of Bursa Malaysia reversed its earlier loss and edged higher in the mid-morning today against a backdrop of weaker regional markets.

At 10am, the FBM KLCI was up 0.92 points at 1,635.91. The index earlier slipped to a low of 1,631.77.

Gainers edged losers by 412 to 398, while 413 counters traded unchanged. Trading volume was 2.26 billion shares valued at RM828.73 million.

The gainers included Toyo Ventures Holdings Bhd, Fraser & Neave Holdings Bhd (F&N), CN Asia Corp Bhd, Greatech Technology Bhd, KPower Bhd, Allianz Malaysia Bhd, Supermax Corp Bhd, Top Glove Corp Bhd and Hong Leong Financial Group Bhd.

The actively traded stocks included Sealink International Bhd, Iris Corp Bhd, Parkson Holdings Bhd, Permaju Industries Bhd, AT Systematization Bhd, Yong Tai Bhd and PDZ Holdings Bhd.

The decliners included Kuala Lumpur Kepong Bhd (KLK), Carlsberg Brewery Malaysia Bhd, Teck Guan Perdana Bhd, Heineken Malaysia Bhd, Tenaga Nasional Bhd (TNB) and Ann Joo Resources Bhd.

Reuters said Asian shares retreated today as investors cashed in on a recent rally, while the euro flirted with highs not seen in more than two and a half years as hopes for a gradual global economic recovery supported demand for riskier currencies.

Australian shares lost 0.79%, while Japan's Nikkei lost 0.03% after jumping to a 30-year high yesterday, it said.

JF Apex Securities Research said US stocks ended lower yesterday after hitting record highs amid the possibility of a higher amount of fiscal stimulus being approved by Congress.

Meanwhile, it said European stocks ended mixed as investors took a breather after the recent rally.

“On the local front, the KLCI shed 8.91 points or 0.54% to settle at 1634.99 points yesterday, dragged down by glove counters.

“Market breadth was negative with 601 losers as compared to 559 gainers. The local bourse is expected to slip on weak sentiment with our resistance level at 1,615 points,” it said.