KLCI reverses losses, plantations lift

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KUALA LUMPUR (Feb 22): The FBM KLCI reversed its losses at mid-morning today, lifted including by index-linked plantation stocks.

At 10am, the FBM KLCI rose 3.15 points to 1,678.03.

The top gainers included DanaInfra Nasional Bhd, Kuala Lumpur Kepong Bhd, Batu Kawan Bhd, Amway (M) Holdings Bhd, PPB Group Bhd, Shangri-La Hotels (Malaysia) Bhd, Genting Plantations Bhd, Hong Leong Industrial Bhd, Fraser & Neave Holdings Bhd, Scientex Bhd and Petronas Dagangan Bhd.

The actively traded stocks included Multi Sports Holdings Bhd, Scomi Group Bhd, Nexgram Holdings Bhd, JAG Bhd, Sanichi Technology Bhd, Minetec Resources Bhd, Jadi Imaging Holdings Bhd and APFT Bhd.

The losers included British American Tobacco (M) Bhd, IJM Plantations Bhd, Sin Heng Chan (Malaya) Bhd, Sarawak Oil Palms Bhd, UEM Edgenta Bhd and Imaspro Corporation Bhd.

Asian share markets got off to a cautious start on Monday as investors await a rush of February industry surveys to take the pulse of the global economy, while sterling suffered on concerns the UK might yet vote to leave the European Union, according to Reuters.

A busy week for data culminates with a Group of 20 meeting that offer leaders a chance to soothe market concerns with talk of coordination, even if it produces nothing concrete, it said.

Hong Leong IB Research said that after soaring 31 points last week, the FBM KLCI is likely to face some bumpy ride ahead to cross the stiff resistance of 1,685 (200-d SMA) and 1,700 (downtrend line) this week, given low oil prices and external market uncertainties.

"Near-term supports are 1,650 (50-d SMA), 1,642 (38.2% FR) and 1,622," it said.