KLCI reverses loss, lifted by select blue chips

-A +A

KUALA LUMPUR (Nov 26): The FBM KLCI reversed its losses at mid-morning and clawed back into positive territory, lifted by select blue chips.

At 10am, the FBM KLCI rose 2.82 points to 1,687.24.

The top gainers included Ajinomoto (Malaysia) Bhd, SAM Engineering & Equipment Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bdh, Chee Wah Corporation Bhd, Kossan Rubber Industries Bhd, Allianz Malaysia Bhd and Scientex Bhd.

The actives included Ingenuity Consolidated Bhd, Frontken Corporation Bhd, Kim Teck Cheong Consolidated Bhd, Hibiscus Petroleum Bdh, RHB International Bhd, RGB Internatonal Bhd and Instacom Group Bhd.

The losers included Malaysian Pacific Industries Bhd, Tim Dotcom Bhd. Panasonic Malaysia Manufacturing Bhd, LTKM (M) Holdings Bhd, Focus Lumber Bhd and HCK Capital Group Bhd.

Asian shares advanced in early trade on Thursday, while growing bets the European Central Bank was gearing up to deliver further stimulus steps kept the euro under pressure, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up about 0.4 percent, after Wall Street put in a nearly flat performance ahead of the U.S. Thanksgiving holiday, it said.

Hong Leong IB Research said it was of the view that the FBM KLCI is expected to consolidate its recent gains as market breadth is turning negative with losers outpacing gainers for the last two trading days.

“Today’s expected trading range is between 1692-1669.

“In tandem with negative market sentiment, lower liners stocks are expected to stage a technical retracement as both FBMACE & FBMSCAP indices are grossly overbought and both oscillators (RSI, MACD and Slow Stochastics) have triggered a technical correction signal.

“Thus, traders are advised to stay aside today,” it said.