KLCI reverses losses, edges up

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KUALA LUMPUR (March 17): The FBM KLCI reversed its earlier losses and edged up at mid-morning in line with the regional markets.

At 10.01am, the FBM KLCI rose 4.93 points to 1,785.47.

The top gainers included British American Tobacco (M) Bhd, Syarikat Takaful Malaysia Bhd, IQ Group Holdings Bhd, Pharmaniaga Holdings Bhd, MISC Bhd, PPB Group Bhd, Petronas Gas Bhd, Suria Capital Bhd and Genting Bhd.

The actively traded stocks included Eti Tech Corporation Bhd, PUC Founder Bhd, Privasia Technology Bhd, Nexgram Holdings Bhd, Sumatec Resources Bhd, Wintoni Group Bhd and Genetec Technology Bhd.

The decliners included Malaysia Smelting Corporation Bhd, UMW Holdings Bhd, Petronas Dagangan Bhd, Apollo Holdings Bhd, Genting Plantations Bhd and Kuala Lumpur Kepong Bhd.

Asian shares got a boost on Tuesday from Wall Street's rise, as investors positioned for the possibility that weaker-than-expected U.S. data will prompt the Federal Reserve to adopt a cautious stance this week, according to Reuters.

Crude oil remained under pressure from a global supply glut, after U.S. crude lost as much as 4 percent in the previous session to hit a six-year low. It was last down about 0.1 percent at $43.85 a barrel, it said.

Hong Leong IB Research said that despite the overnight strong Dow rebound, the FBM KLCI may continue to trade in a volatile fashion ahead of the FOMC meeting, depressed oil prices and Ringgit (versus US dollar).
“Weekly supports are 1,760-1,770 whilst resistances fall on 1,790-1,800 levels,” it said.