KUALA LUMPUR (Dec 21): The FBM KLCI reversed its earlier losses and climbed at the midday break today, lifted including by Tenaga Nasional Bhd and key blue chips.
At 12.30pm, the FBM KLCI rose 4.39 points to 1,654.95. The index had earlier fallen to its intra-morning low of 1,642.79.
Losers led gainers by 375 to 251, while 307 counters traded unchanged. Volume was 847.31 million shares valued at RM481.95 million.
The gainers included Tenaga, Kuala Lumpur Kepong Bhd, Aeon Credit Service (M) Bhd, Top Glove Corp Bhd, IHH Healthcare Bhd, Scicom (MSC) Bhd, Kian Joo Can Factory Bhd, CIMB Group Holdings Bhd, Petronas Gas Bhd and Unisem (M) Bhd.
The actives included Sapura Energy Bhd, Hubline Bhd, Bumi Armada Bhd, Sanichi Technology Bhd, Permaju Industries Bhd, Prestariang Bhd, Hibiscus Petroleum Bhd and Genting Malaysia Bhd.
The losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Ayer Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Tasek Corp Bhd, Malaysia Airports Holdings Bhd, Enra Group Bhd and United Plantations Bhd.
Global stocks were sailing into Christmas on a sea of red on Friday, as the threat of a US government shutdown and of further hikes in US borrowing costs inflamed investor unease over the economic outlook, according to Reuters.
The S&P 500 was heading for its worst quarter since the dark days of late 2008, with a loss of 15% so far. The Nasdaq has shed 19.5% from its August peak, just shy of confirming a bear market, it said.
Affin Hwang Capital Research said Asian markets were expected to trade low in line with sluggish global equity markets.
It said the FBM KLCI Index was expected to be very volatile with stocks anticipated to continuously testing their supports.
"Anticipate strong buying interests to emerge if the FBM KLCI index continues to slide below 1,630. Buy on weakness!
"The FBM KLCI Index anticipated congesting sideways test the short-term resistance in the near future," it said.