KUALA LUMPUR (Dec 29): The FBM KLCI reversed its earlier loss at the midday break on Monday and crept higher, albeit on relatively thin trading volume.
However, stocks linked to low cost carrier AirAsia Bhd came under pressure after an aircraft belonging to its affiliate went missing early Sunday morning.
At 12.30pm, the FBM KLCI rose 1.59 points to 1,766.03. The index had earlier dipped to its intra-morning low of 1,753.97.
Overall market breadth remained weak with 355 losers versus 223 gainers, while 254 counters traded unchanged. Volume was 629.61 million shares valued at RM553.57 million.
The top gainers included British American Tobacco (M) Bhd, Ibraco Bhd, Apollo Food Holdings Bhd, Petronas Gas Bhd, JobStreet Corporation Bhd, Nestle (M) Bhd, Puncak Niaga Holdings Bhd and Solid Automotive Bhd.
AirAsia was the most actively traded counter with 66.71 million shares done. The stock lost 7.82% or 23 sen to RM2.71.
The other actives included JobStreet, Hubline Bhd, AirAsia X, Minetech Resources Bhd, Kronologi Asia Bhd and Tune Ins.
The top losers included Dutch Lady Milk Industries Bhd, AirAsia Bhd, Negri Sembilan Oil Palms Bhd, Syarikat Takaful Malaysia Bhd, Petronas Dagangan Bhd, Guiness Anchor Bhd and Malaysia Airports Holdings Bhd.
Asian stocks tip-toed higher on Monday, following fresh gains on Wall Street, while the euro wallowed near 28-month lows versus the dollar on nervousness ahead of a vote in the Greek parliament that could result in snap elections, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, it said.
JF Apex Securities Research said U.S. stocks rose in light volume on Friday following the Christmas holiday, with the Dow and S&P 500 closing at records.
Meanwhile, it said Europe shares ended mixed in shortened session on last Wednesday before closed for Christmas holidays.
“The FBM KLCI gained 14.70 points or 0.84% on Friday to close at 1764.44 points.
“We expect the local bourse to continue its positive momentum with thin volume on the back of selected interest in index-linked counters on the last few trading days of the year,” it said.