KLCI rises 0.43% on improved sentiment

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KUALA LUMPUR (July 2): The FBM KLCI rose 0.43% at the midday break today as sentiment improved at the local market following the following the Fitch Ratings’ upgrade on Malaysia’s credit outlook.

At 12.30pm, the FBM KLCI rose 7.53 points to 1,735.49.

The top gainers included British American Tobacco (M) Bhd, Lii Hen Industries Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd, UEM Edgenta Bhd, Century Bond Bhd, Time DotCom Bhd, Hartalega Holdings Bhd, Oriental Holdings Bhd and Latitude Tree Holdings Bhd.

The actively traded counters included Multi-Sports Holdings Bhd, Frontken Corporation Bhd, Scanwolf Corporation Bhd, Senadia Innovator Holdings Bhd, IFCA MSC Bhd, KNM Group Bhd, Scan Associcates Bhd and AirAsia Bhd.

The top losers included Nestle (M) Bhd, Lay Hong Bhd, Titijaya Holdings Bhd, Guiness Anchor Bhd, Top Glove Corporation Bhd, Scanwolf Corporation Bhd and Sarawak Plantations Bhd.

Asian shares lost early steadiness and Chinese stocks got off to a weak start on Thursday, while upbeat U.S. economic data helped the dollar gain as investors globally opted for caution due to Greece's standoff with its creditors, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.13 percent following yet another weak opening in China's benchmark indexes. Tokyo's Nikkei climbed 1.1 percent thanks to a weaker yen, while South Korea's Kospi rose 0.3 percent, it said.

Hong Leong IB Research said that following the Fitch upgrade on Malaysia’s credit outlook, there was still room for advance despite anticipation of mild profit taking after a 36-pt gain in two days, amid positive downtrend line breakout and grossly oversold position, supported by bottoming up indicators.

“Further rebound targets are 1746-4769 whilst supports fall on 1688-1700,” it said.