KLCI reverses loss, gets lifted by Public Bank

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KUALA LUMPUR (April 30): The FBM KLCI reversed its earlier loss and climbed at midday break, lifted by Public Bank Bhd.

At 12.30pm, the FBM KLCI rose 1.79 points to 1,865.26. The index had earlier slipped to its intra-morning low of 1,860.25.

Losers led gainers by 283 to 195, while 489 counters traded unchanged. Volume was 761.06 million shares, valued at RM464.88 million.

Top gainers included Allianz Malaysia Bhd, Kossan Rubber Industries Bhd, Public Bank, Aeon Credit Service (M) Bhd, PMB Technology Bhd, Panasonic Manufacturing Malaysia Bhd, British American Tobacco (M) Bhd and Top Glove Corp Bhd.

The actives included Borneo Oil Bhd, Sapura Energy Bhd, PUC Bhd, Iris Corp Bhd, Hibiscus Petroleum Bhd, Silver Ridge Bhd and AirAsia X  Bhd.

The losers included Nestle (M) Bhd, Shangri-La Hotels (M) Bhd, Negri Sembilan Oil Palm Bhd, Ajinomoto (M) Bhd, Heineken Malaysia Bhd, Hong Leong Industries Bhd and Malaysia Airports Holdings Bhd.

Asian shares extended gains on Monday as tensions in the Korean Peninsula eased and first-quarter earnings shone, although some investors were cautious about the outlook, amid the backdrop of a simmering U.S.-China trade dispute, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.9%, after gaining more than 1% on Friday. The index is poised to eke out a modest rise this month, after two consecutive losses, Reuters said.

Affin Hwang Capital Research said regional markets expects to trade higher this week, following favourable news on global economy, particularly in the US, UK and Japan, positive corporate results in the banking sector in China, and subsided geo-political concern as North Korea agrees on denuclearisation.

“As such, regional markets seem gaining positive bias to trade higher and so do stocks in Bursa Malaysia.

“The FBM KLCI Index is anticipated to revisit its recent high at 1895 in the near future, with a lot stronger upward bias than before. Accumulate quality stocks on price weakness,” the research house said.