KLCI rises 0.33% as Petronas-linked stocks lift

KLCI rises 0.33% as Petronas-linked stocks lift
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KUALA LUMPUR (Feb 23): The main index at Bursa Malaysia rose 0.33% at the midday break today, lifted by Petronas-linked stocks, while Asian stocks rebounded from two-week lows.

At 12.30pm, the FBM KLCI gained 5.16 points to 1,575.62.

Gainers led losers by 418 to 332, while 764 counters traded unchanged. Trading volume was 7.43 billion shares valued at RM2.99 billion.

The gainers included newly-listed Mobilia Holdings Bhd, Petronas Dagangan Bhd, Pimpinan Ehsan Bhd, Petronas Gas Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, Nestle (M) Bhd, Heineken Malaysia Bhd, Grand Hoover Bhd and Time dotCom Bhd.

The actively traded stocks included AirAsia X Bhd, DGB Asia Bhd, Mobilia, AirAsia Group Bhd, Dynaciate Group Bhd, Velesto Energy Bhd, Fintec Global Bhd and Key Alliance Group Bhd.

The decliners included Malaysian Pacific Industries Bhd, Latitude Tree Holdings Bhd, Tasco Bhd, Tong Herr Resources Bhd, Hong Leong Bank Bhd, Pharmaniaga Bhd and Unisem (M) Bhd.

Reuters said Asian stocks rebounded from two-week lows struck on Tuesday as rising commodity prices boosted market expectations of an improved growth outlook, a day after rising US Treasury yields and inflation prospects hit US tech shares.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2% after dipping to 719.8, the lowest level in two weeks. The gauge has eased from last week's record top but is still up just over 9% so far this year, it said.

Hong Leong IB Research said tracking profit-taking consolidations in Wall Street and regional markets while awaiting more clues on the corporate earnings front, KLCI is vulnerable to further fall as the index is unable to surpass the congested 1,600-1,618 resistances.

“Nevertheless, downside risk seems limited near 1,548-1,561 levels on the back of the planned vaccination programme in Malaysia starting Feb 26.

“Sector-wise, banks, O&G, construction, ICT and technology should be the preferred choices for outperformance as economic recovery plays gain traction on vaccine rollout optimism,” it said.