KLCI reverses loss, Petronas-linked stocks lift

KLCI reverses loss, Petronas-linked stocks lift
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KUALA  LUMPUR (Nov 25): The FBM KLCI reversed its losses at mid-morning today and clawed above the 1,680-point level, lifted by Petronas-linked stocks.

At 10.03am, the FBM KLCI rose 6.85 points to 1,683.88.

The top gainers included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Favelle Favco Bhd, KESM Industries Bhd, PPB Group Bhd, newly-listed Kim Teck Cheong Consolidated Bhd (KTC), YSP Southeast Asia Bhd, UPA Corporation Bhd, Petronas Chemicals Group Bhd and Petronas Gas Bhd.

The actives included KTC, Frontken Corporation Bhd, Instacom Group Bhd, Borneo Oil Bhd, Inix Technologies Bhd, Daya Materials Bhd and Pesona Metro Holdings Bhd.

The top losers included Johore Tin Bhd, Latitude Tree Holdings Bhd, Kossan Rubber Industries Bhd, Harbour-Link Group Bhd, Can-One Bhd and Hartalega Holdings Bhd.

Asian stocks were mixed in early trading on Wednesday as investors assessed the geopolitical risk surrounding Turkey's downing of a Russian fighter jet, while crude oil prices eased from two-week highs, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.2 percent. Australian shares dipped 0.1 percent while Japan's Nikkei shed 0.4 percent. South Korea's Kospi was virtually unchanged, it said.

Hong Leong IB Research in a market preview today said that on the back of strong rebound in crude oil prices (which leads to stronger ringgit) and 1MDB assets sale, it expects the FBM KLCI to extend its gain today.

“Moreover, Valuecap factor, year-end window dressing activities, more comfortable view on Fed’s potential liftoff in Dec and potential ECB’s stimulus in Dec are likely to provide near term rerating catalysts for the FBM KLCI.

“We are of the view that the FBM KLCI may hit 1685 following breakout above 1674 yesterday. Supports at 1660-1642,” it said.