KLCI rises 0.35% on bargain hunting

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KUALA LUMPUR (May 8): The FBM KLCI rose 0.35% at the midday break today on bargain hunting in line with the uptrend at most regional markets.

At 12.30pm, the FBM KLCI added 6.52 points to 1,811.62.

The top gainers included C.I. Holdings Bhd, Sam Engineering Bhd, DanaInfra Nasional Bhd, Tahps Group Bhd, Westports Holdings Bhd, Oriental Food Industries Bhd, Sasbadi Holdings Bhd, Sunway Bhd, Malayan Banking Bhd and Press Metal Bhd.

The actively traded stocks included Kanger International Bhd, Nexgram Holdings Bhd, Frontken Corporation Bhd, LFE Corporation Bhd, APFT Bhd, Vsolar Group Bhd and Nova MSC Bhd.

The top losers included Hong Leong Financial Group Bhd, Aone Credit Services (M) Bhd, Scanwolf Corporation Bhd, Syarikat Takaful Malaysia Bhd, Hap Seng Consolidated Bhd, Astral Asia Bhd and Pharmaniaga Holdings Bhd.

Asian shares held firm on Friday on signs global bond markets are stabilising after a big selloff and sterling jumped about 1% after UK exit polls forecast the ruling Conservatives taking the most seats in parliament, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed while Japan's Nikkei ticked up 0.2% from one-month low hit on Thursday, it said.

AffinHwang Capital Research said the FBM KLCI index was expected to close low for two consecutive weeks.

The research house said that the end target range for current retracement was between 1,780 to 1,770, before any significant rebound to take place.

“Yesterday, the index closed below its weekly and daily pivots at 1,813.7 and 1,809.7 respectively, hence it may stage a mild rebound toward the pivots, which also back by overnight rebound in the US market. Technology, oil and gas and small caps stocks are expected to be positively active.

“The FBM KLCI immediate support range 1,800–1,770. Resistance range: 1,830–1,850,” it said.