KLCI rises 0.35% on bargain hunting

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KUALA LUMPUR (June 19): The FBM KLCI rose 0.35% at the midday break today on some mild bargain hunting activities, in line with the advance at most regional markets.

At 12.30pm, the FBM KLCI rose 6.14 points to 1,724.26.

The top gainers included Oriental Food Industries Bhd, Hong Leong Financial Group Bhd, Top Glove Corporation Bhd, MISC Bhd, Sam Engineering Bhd, Berjaya Auto Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd, British American Tobacco (M) Bhd and Southern Acids Bhd.

The most actively traded counters included Frontken Corporation Bhd, K-One Technology Bhd, Vsolar Group Bhd, IFCA MSC Bhd, AirAsia Bhd and KNM Group Bhd.

The top losers included Pharmaniaga Holdings Bhd, United Plantations Bhd, Panasonic Malaysia Manufacturing Bhd, UMW Holdings Bhd, LPI Capital Bhd, Kossan Rubber Industries Bhd and Pos Malaysia Bhd.

Asian shares rose for a third consecutive day on Friday, and the dollar remained on the back foot against the region's currencies as investors bet US interest rates will not rise as quickly as expected, according to Reuters.

"This removes a source of uncertainty for Asian markets in the near term and should be a positive factor going ahead, though the Greek factor will temper any optimism," said Mitsubishi UFJ Financial Group, in Hong Kong, strategist Stephen Chiu.

BIMB Securities Research said that regional indexes ended mostly lower yesterday with sharp decline in Shanghai as investors are increasingly wary of what they see as a bubble in China’s equities.

The research house said Tokyo also ended sharply lower on strengthening JPY against the USD.

Locally, it said the FBM KLCI ended lower, losing 8.74 points to 1,718.12, dragged down mainly by power and O&G stocks.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“Nonetheless, we may see some bargain hunting with immediate resistance at 1,725,” it said.