KLCI reverses loss, ticks up in line with region

-A +A

KUALA LUMPUR (June 27): The FBM KLCI reversed its earlier loss and clawed into positive territory at the midday break, tracking regional markets.

At 12.30pm, the FBM KLCI ticked up 0.03 points to 1,674.52, lifted by gains including at Tenaga Nasional Bhd and MISC Bhd. The index had earlier slipped to its intra-morning low 1,670.73.

Losers edged gainers by 256 to 235, while 476 counters traded unchanged. Volume was 862.63 million shares valued at RM709.72 million.

The top gainers included United Plantations Bhd, Time Dotcom Bhd, Bermaz Auto Bhd, Ayer Holdings Bhd, Tenaga, MISC, Scientex Bhd and Telekom Malaysia Bhd.

The actives included Sapura Energy Bhd, Iskandar Waterfront City Bhd, SMTrack Bhd, PCCS Group Bhd and Ekovest Bhd.

The losers included British American Tobacco (M) Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Petronas Dagangan Bhd, NPC Resources Bhd, Nestle (M) Bhd, AMMB Holdings Bhd, Padini Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Yinson Holdings Bhd and Pintaras Jaya Bhd.

Most Southeast Asian stock markets rose on Thursday as investors cheered a report of tentative trade truce between the United States and China ahead of a meeting between leaders of the two nations at the G20 summit this weekend, according to Reuters.

Details of the agreement, which would halt the next round of US tariffs on an additional US$300 billion of Chinese goods, are being laid out in press releases and will be out as coordinated press releases and not a joint statement, the South China Morning Post reported, citing sources, it said.

Affin Hwang Capital Research said the FBM KLCI Index edged slightly lower on Wednesday, dropping only 2.12 points or 0.13%, closing at 1,674.49.

"Volatility remains low moving towards yesterday's trading session with market trading within a range of 4.58 points only.

"On the daily chart, two consecutive 'dojis' (candlestick pattern) have formed, indicating indecision between buyers and sellers. It seems that the strong upsurge in prices has been halted currently.

"Immediate support calculated to be around 1,655-1,665. Technical relief rebound in progress," it said.