KLCI reverses loss as select blue chips lift

KLCI reverses loss as select blue chips lift

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KUALA LUMPUR (Nov 23): The FBM KLCI reversed its loss and clawed back to positive territory at mid-morning, lifted by select blue chips.

At 10.10am, the FBM KLCI rose 8.32 points to 1,670.21.

The top gainers included Petronas Dagangan Bhd, Tenaga Nasional Bhd, Can-One Bhd, P.I.E. Industrial Bhd, Aeon Credit Services (M) Bhd, Time Dotcom Bhd, Lii Hen Industries Bhd, Scientex Bhd and Hong Leong Financial Group Bhd.

The actively traded stocks included Globaltec Technology Bhd, Instacom Group Bhd, Nexgram Holdings Bhd, PUC Founder Bhd, Asia Media Bhd and Pesona Metro Holdings Bhd.

The decliners included British American Tobacco (M) Bhd, SAM Engineering & Equipment Bhd, Top Glove Corporation Bhd, Pintaras Jaya Bhd, Panasonic Malaysia Manufacturing Bhd, Nestle (M) Bhd and Press Metal Bhd.

Asian shares got off to a slow start Monday as a holiday in Japan sapped liquidity, while the prospect of more policy easing in Europe kept the euro on the defensive to the benefit of the U.S. dollar, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat, while South Korea's main index gained 0.2 percent, it said.

Hong Leong IB Research said the 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 KLCI.

“Sentiment is also boosted by IMDB’s nearing an agreement to sell control of its power business to a Chinese-led bidding group.  

“Weekly resistance 1674-1700 whilst supports are situated at 1615-1642,” it said.