KUALA LUMPUR (Oct 15): The FBM KLCI rose 0.24% at mid-morning today, defending its level above the 1,730-point level, lifted by gains at select blue chips.
At 10am, the FBM KLCI rose 4.24 points to 1,734.98.
Gainers led losers by 298 to 195, while 245 counters traded unchanged. Volume was 454.28 million shares, valued at RM291.28 million.
Gainers included Top Glove Corp Bhd, United Plantations Bhd, Hartalega Holdings Bhd, Yinson Holdings Bhd, ViTrox Corp Bhd, Petronas Chemicals Group Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Dagangan Bhd and Maxis Bhd.
Actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, Gamuda Bhd, AirAsia X Bhd, Perisai Petroleum Teknologi Bhd and My EG Services Bhd.
Decliners included Dutch Lady Milk Industries Bhd, Perusahaan Sadur Timah Malaysia Bhd, Hong Leong Financial Group Bhd, as well as warrants of Malayan Banking Bhd, Genting Bhd and Bumi Armada Bhd.
Asian shares slipped on Monday, as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs, tempered optimism despite a rebound in global equities late last week, according to Reuters.
Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West, after the monarchy warned against threats to punish it over disappearance of a journalist, Reuters said.
Hong Leong IB Research in a traders’ brief said investors may persist with selling activities, as long as the Fed is having a hawkish outlook on the interest rate, which may translate into higher borrowing costs for corporates in the US.
“Also, the unsettled trade developments could pose further downside risk to the stock markets.
“On the local front, stocks are likely to extend the selling tone with renewed selling interest on Wall Street and we think oil and gas stocks could face selling activities on the back of the declining crude oil prices.
“However, investors could be looking into defensive stocks within the high yield counters under this weak market environment. Also, based on the hammer candle that has formed yesterday, the FBM KLCI could be due for mild technical rebound,” the research house said.