KLCI reverses loss, tracks modest regional gains

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KUALA LUMPUR (Oct 16): The FBM KLCI reversed its earlier losses and climbed at mid-morning, tracking the modest rise at the regional markets.

At 10am, the FBM KLCI was up 2.48 points to 1,731.22. The index had earlier slipped to a low of 1,727.34.

Gainers led losers by 241 to 201,while 235 counters traded unchanged. Volume was 315.64 million shares valued at RM188.22 million.

The top gainers included Top Glove Corp Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, SAM Engineering & Equipment Bhd, United Plantations Bhd, UMW Holdings Bhd, Malaysia Airports Holdings Bhd, Genting Bhd and ViTrox Corp Bhd.

The actives included Yong Tai Bhd, Globaltec Formation Bhd, Hibiscus Petroleum Bhd, Diversified Gateway Solutions Bhd, Priceworth International Bhd and Nova MSC Bhd.

The decliners included Nestle (M) Bhd, Malaysian Pacific International Bhd, Genting Plantations Bhd, British American Tobacco (M) Bhd, Rohas Tecnic Bhd and Ibraco Bhd.

Asian stocks bounced modestly on Tuesday, gaining a toe-hold after a week of heavy losses, although increasing tensions between Saudi Arabia and the West fanned geopolitical concerns and capped gains, according to Reuters.

The disappearance earlier this month of a Saudi journalist critical of Riyadh has provoked an international outcry against the oil-rich kingdom, it said.

CIMB Retail Research said the local bourse reversed its morning’s gains and closed lower by 2 points yesterday, succumbing to regional weakness on fears over the slowing China’s economy and higher U.S. borrowing costs.

“From the technical perspective, the FBM KLCI formed an inverted hammer candlestick yesterday, which indicates a weak signal, thus, the recent bargain hunting may lose its edge.

“Resistance: 1,740 & 1,755. Supports: 1,720 & 1,700,” it said.