KLCI reverses loss as regional markets turn firmer on China data

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KUALA LUMPUR (Jan 13): The FBM KLCI reversed its losses and rose at the midday break on Tuesday as regional markets were buoyed by economic data from China.

At 12.30pm, the FBM KLCI rose 6.80 points to 1,741.88. The index had earlier dipped to its intra-morning low of 1,725.98.

Market breath turned positive with 352 gainers and 300 losers, while 262 counters traded unchanged.

Volume was 1.10 billion shares valued at RM977.96 million.

The top gainers on Bursa Malaysia included CIMB Group Holdings Bhd, Amway (M) Holdings Bhd, Malaysia Airports Holdings Bhd, UMW Holdings Bhd, RHB Capital Bhd, Press Metal Bhd, Prestariang Bhd, IJM Corporation Bhd and AirAsia Bhd.

Systech Bhd was the most actively traded counter with 44.89 million shares done. The stock jumped 14.58% or 3.5 sen to 27.5 sen.

The other actives included Iris Corporation Bhd, Hubline Bhd, IFCA MSC Bhd, Malaysia Building Society Bhd, Minetech Resources Bhd and Zelan Bhd.

The decliners included Bitish American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, Tasek Corporation Bhd, PPB Group Bhd, Petronas Gas Bhd and Syarikat Takaful Malaysia Bhd.

Asian stocks were mostly firmer after benign Chinese economic data helped offset risk aversion generated by a continuing slide in crude oil prices, while the dollar fell to a one-month low against the safe-haven yen, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan pared earlier losses to rise 0.3 percent after Chinese trade data proved better than expected, it said.

BIMB Securities Research said Asian stocks were rather mixed on Monday on the lack of fresh leads.

Locally, it said the FBM KLCI gained 2.64 points at 1,735.08 amid some foreign selling yesterday.

“There was a net outflow of foreign funds yesterday of RM80 million.

“We would expect the local bourse to be lackadaisical today with the immediate support at 1,730 with some apparent bargain hunting activities,” it said.