KLCI rises 0.39%, inches closer to 1,800 mark

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KUALA LUMPUR (Aug 8): The FBM KLCI rose 0.39% at the midday break today, as gains in select index-linked blue chips lifted it closer to the 1,800-point mark, tracking the advance at regional markets.

At 12.30pm, the FBM KLCI rose 7.04 points to 1,798.13.

Gainers led losers by 359 to 235, while 566 counters traded unchanged. Volume was 1.55 billion shares valued at RM1.19 billion.

The top gainers included Far East Holdings Bhd, Bintulu Port Holdings Bhd, ViTrox Corp Bhd, ABM Fujiya Bhd, Hartalega Holdings Bhd, Hong Leong Industries Bhd, Top Glove Corp Bhd, Hengyuan Refining Company Bhd and Malaysia Airports Holdings Bhd.

The actives included Malaysian Resources Corp Bhd, Vivocom International Holdings Bhd, Iris Corp Bhd, Sapura Energy Bhd, Cuscapi Bhd, Nexgram Holdings Bhd, My E.G. Services Bhd and Frontken Corp Bhd.

The losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Apollo Food Holdings Bhd, Time dotCom Bhd, IHH Healthcare Bhd, Rapid Synergy Bhd and JMR Conglomeration Bhd.

Asian shares extended their recovery into a fourth day on Wednesday, buoyed by strong US earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3%, led by Taiwan, while Japan's Nikkei ticked up 0.4%, it said.

Affin Hwang Capital Research said the FBM KLCI Index resume higher on Tuesday (+11.34pts).

It said prices have bounced off the 200 exponential moving average which coincides with the 50% Fib level, making it a strong support area.

"We anticipate our local index to open higher today in tandem with global markets with immediate target around the 1,800 level.

"The FBM KLCI Index likely to peak for the short term, expect pullback in the near future," it said.