KUALA LUMPUR (July 10): The FBM KLCI reversed its earlier loss and moved firmly 0.99% above the 1,700-point level at mid-morning.
At 10am, the FBM KLCI rose 17.11 points to 1,718.65.
The top gainers included Danainfra Nasional Bhd, British American Tobacco (M) Bhd, Public Bank Bhd, Aeon Credit Services (M) Bhd, PPB Group Bhd, Carlsberg Brewery (M) Bhd, Hong Leong Financial Group Bhd, MISC Bhd and Kuala Lumpur Kepong Bhd.
The actively traded stocks included Multi-Sports Holdings Bhd, KNM Group Bhd, AirAsia Bhd, APFT Bhd, AirAsia X Bhd and Perwaja Holdings Bhd.
The top losers included Kwantas Corporation Bhd, Enra Group Bhd, Malaysia Steel Works (KL) Bhd and JMR Conglomeration Bhd.
Asian shares and the euro gained in early Asian trade on Friday after Greece offered new reform proposals to creditors, raising hopes of a cash-for-reform deal at a weekend summit of European leaders, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent, but still on track for a weekly loss over 4 percent in a period marred by a savage correction in Chinese stock markets, it said.
Hong Leong IB Research said that unless we see a semblance of stability return to China SHCOMP, Bursa Malaysia near term outlook will remain shaky, given China’s status as Malaysia 2nd largest trading partner after Singapore.
“Sentiment will remain edgy amid a series of nagging internal and external uncertainties.
“Near term supports are 1671-1655 while stiff resistance levels are 1718-1746,” it said.