KLCI rises 0.34% in line with regional rally

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KUALA LUMPUR (March 27): The FBM KLCI rose 0.34% at mid-morning today, in line with the rally at most regional markets.

At 10.05am, the FBM KLCI rose 6.30 points to 1,866.21.

Gainers led losers by 389 to 186, while 287 counters traded unchanged.

Volume was 665.86 million shares valued at RM302.61 million.

The gainers included Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, KESM Industries Bhd, Globetronics Technology Bhd, LPI Capital Bhd, Aeon Credit Service (M) Bhd and Top Glove Corp Bhd.

The actives included SKH Consortium Bhd, Sapura Energy Bhd, Media Chinese International Bhd, GDB Holdings Bhd, Sino Hua-An International Bhd, DGB Asia Bhd, Sumatec Resources Bhd and Hibiscus Petroleum Bhd.

The losers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Time Dotcom Bhd, Tasek Corp Bhd, Scientex Bhd, UMS Holdings Bhd and United Plantations Bhd.

Asian share markets rallied on Tuesday as reports of behind-the-scenes talks between the United States and China rekindled hopes a damaging trade war could be averted, in turn sapping the strength of the dollar and yen, according to Reuters.

Taking its cue from a surge on Wall Street, Japan's Nikkei climbed 1.1 percent in early trade, it said.

MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4 percent. South Korea's KOSPI rose 0.7 percent, adding to gains made after the U.S. exempted the country's steel from import tariffs, added Reuters.

Hong Leong IB Research in a traders’ brief said that tracking volatilities in the external markets, the underlying market tone should stay cautious, reflected by the FBMSCAP (-11% YTD) and FBMACE (-15% YTD) performances.

“Nevertheless, ahead of the upcoming GE14, severe downside risks on the KLCI is likely to be limited (+3.3% YTD), cushioned by index-linked supports on heavyweights by local institutions.

“Stiff resistances are near 1875-1880 while supports are seen at 1840-1850,” it said.