KLCI reverses loss, rises 0.31% in line with region

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KUALA LUMPUR (July 18): The FBM KLCI reversed its earlier losses and rose 0.31% at midday break, tracking gains at most Asian markets.

At 12.30pm, the FBM KLCI rose 5.57 points to 1,742.85. The index had earlier fallen to its intra-morning low of 1,730.38.

Gainers led losers by 317 to 220, while 599 counters traded unchanged. Volume was 1.49 billion shares, valued at RM952.27 million.

The top gainers included Danainfra Nasional Bhd, Revenue Group Bhd, Carlsberg Brewery Malaysia Bhd, KESM Industries Bhd, Magni-Tech Industries Bhd, Axiata Group Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd and Telekom Malaysia Bhd.

The actives included Revenue Group, Priceworth International Bhd, Sapura Energy Bhd, Key Asic Bhd, Ucrest Bhd, ManagePay Systems Bhd and Nova MSC Bhd.

The decliners included Nestle (M) Bhd, Hong Leong Financial Group Bhd, PMB Technology Bhd, Public Bank Bhd, Heineken Malaysia Bhd, Hong Leong Bank Bhd, See Hup Consolidated Bhd, Enra Group Bhd and Ajinomoto (M) Bhd.

Asian shares followed Wall Street higher on Wednesday, as a bullish outlook from the head of the U.S. central bank buoyed the dollar, lifting Tokyo shares to a one-month top while sending gold to a one-year trough, according to Reuters.

Japan's Nikkei lept 1% as a weakening yen promised to fatten exporters' profits, Reuters said.

Affin Hwang Capital Research said the FBM KLCI Index continues to maintain its strong momentum yesterday, up 10.61 points.

“Given positive news around the global arena, our local index is expected to maintain the up move in tandem with global markets. Investors can keep a close watch for opportunities in tech as this sector has been performing well, in line with the U.S. market. 

“The FBM KLCI Index likely to move sideways, with slight upward bias in the near-term,” the research house said.