KLCI reverses loss, market to remain volatile

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KUALA LUMPUR (Feb 19): The FBM KLCI reversed its losses at mid-morning but the market is expected to remain volatile in line with the global uncertainties.

At 10am, the FBM KLCI rose 1.55 points to 1,681.57. The index had earlier slipped to a low of 1,673.84.

The top gainers included Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, Sin Heng Chan (Malaya) Bhd, Ta Ann Holdings Bhd, PPB Group Bhd, Texchem Resources Bhd, MISC Bhd, Aeon Credit Services (M) Bhd, KLCC Property Holdings Bhd and Tenaga Nasional Bhd.

The actively traded stocks included Jadi Imaging Holdings Bhd, MMAG Holdings Bhd, Sanichi Technology Bhd, JAG Bhd, Borneo Oil Bhd and AirAsia Bhd.

The decliners included C.I. Holdings Bhd, Lafarge Malaysia Bhd, Genting Bhd, British American Tobacco (M) Bhd, Scientex Bhd, Cahya Mata Sarawak Bhd, AMMB Holdings Bhd and Negri Sembilan Oil Palms Bhd.

Asian shares slipped from near three-week highs hit earlier this month on Friday, as a rally in oil prices paused and investors remained cautious about the outlook of the global economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2% while Japan's Nikkei dropped 1.5%, it said.

AffinHwang Capital Research said the FBM KLCI was anticipated to continue its volatility amid concerns on "hard landing" in China and gloomy growth outlook for global economy.

"Domestic front sees Malaysia's economic data remains positive despite smaller trade surplus.

"Technically, low trading volumes and negative market breadth may lead to more consolidation in the near future," it said.