KLCI rises 0.29%, crosses 1,860-level

KLCI rises 0.29%, crosses 1,860-level
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KUALA LUMPUR (March 21): The FBM KLCI rose 0.29% at the midday break and crossed the 1,860-point level, lifted by select blue chips, despite a mixed market breadth.

At 12.30pm, the FBM KLCI rose 5.34 points to 1,861.73.

Losers tipped gainers by 287 to 285, while 547 counters traded unchanged. Volume was 1.25 billion shares, valued at RM861.58 million.

Gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Dutch Lady Milk Industries Bhd, DiGi.Com Bhd, Hengyuan Refining Company Bhd, Kuala Lumpur Kepong Bhd and Petronas Dagangan Bhd.

Actives included Trive Poperty Group Bhd, Media Chinese International Ltd, Sapura Energy Bhd, Shin Yang Shipping Corp Bhd, Nexgram Holdings Bhd, Panpages Bhd, XOX Bhd, HL Global Ltd and Iris Corp Bhd.

Decliners included Hong Leong Industries Bhd, IHH Healthcare Bhd, Heineken Malaysia Bhd, Ibraco Bhd, Hartalega Holdings Bhd, Superlon Holdings Bhd, Aeon Credit Service (M) Bhd, Hong Leong Bank Bhd and Padini Holdings Bhd.

A hush settled over financial markets on Wednesday as investors anticipated a quarter point hike in the Federal Reserve's policy rate and awaited guidance on how many more to expect this year, while trade war fears kept export nations' currencies on edge, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4% after four straight days of losses, tracking overnight gains on Wall Street, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said regional markets were expected to open high today, following mild rebound in the US market.

“The FBM KLCI Index expected to drift sideways with downward bias, small and mid-cap stock will continue with their rotational play.

“Buy quality stocks on dip,” Dr Nazri said.

Volatile external factors influenced the FBM KLCI Index’s performance, but nonetheless, local stock market remains upbeat, backed by positive outlook on Malaysia’s economy, he added.