KLCI reverses loss, ticks up as select blue chips lift

-A +A

KUALA LUMPUR (Dec 7): The FBM KLCI reversed its earlier loss and ticked up at mid-morning today.

At 10am, the FBM KLCI ticked up 0.19 points to 1,683.53. The index had earlier slipped to a low of 1,678.68.

Gainers edged losers by 209 to 199, while 229 counters traded unchanged. Volume was 567.30 million shares valued at RM204.10 million.

The gainers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Allianz Malaysia Bhd, Ajinomoto (M) Bhd, Hong Leong Financial Group Bhd, SAM Engineering & Equipment Bhd, Heineken Malaysia Bhd, Kawan Food Bhd, AMMB Holdings Bhd and Bursa Malaysia Bhd.

The actives included My EG Services Bhd, Hubline Bhd, Yong Tai Bhd, Sapura Energy Bhd, Perak Transit Bhd and Prestariang Bhd.

The decliners included Lingkaran Trans Kota Holdings Bhd, Amway Holdings (M) Bhd, Padini Holdings Bhd, ABM Fujiya Bhd, Petronas Chemicals Group Bhd, Gas Malaysia Bhd and Kumpulan Fima Bhd.

Asian share markets tried to find their footing on Friday as speculation the Federal Reserve might be "one-and-done" with U.S. rate hikes helped salve some wounds after a punishing week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.l3 percent, though that followed a 1.8 percent drubbing on Thursday, it said.

Hong Leong IB Research in a traders’ brief said sentiment is likely to stay positive after the strong rebound yesterday with the fresh information from the Fed; this could boost markets higher at least for the near term.

“However, the uncertain and lacking of details on the trade developments between the US and China, coupled with the inversion of yield curve (3-year and 5-year bond yield) will continue to cap the upside potential on Wall Street. Meanwhile, market participants will need to monitor closely on the upcoming FOMC meeting (18-19 Dec) and Powell’s statement.

“On the local front, we may anticipate a positive rebound after the Dow recouped more than 700 points from the intraday low (24,242.22 pts). Also, traders may be focusing on the members (Top Glove, TM, KLCCP and Ambank) of KLCI after the index review statement was released yesterday.

“Besides, O&G sector may still trend sideways as the uncertain OPEC and non-OPEC in production cut still persists, which dampened the Brent oil prices overnight,” it said.