KLCI rises 0.52% in line with regional gains on hopes Covid-19 pandemic is nearing peak

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KUALA LUMPUR (April 9): The FBM KLCI was up 0.52% as key index-linked stocks advanced in line with regional gains, spurred by hopes that the Covid-19 pandemic is nearing its peak.

At 12.30pm, the FBM KLCI rose 7.02 points to 1,368.41.

Gainers led losers by 481 to 153, while 468 counters traded unchanged.

Trading volume was at 2.57 billion shares valued at RM1.02 billion.

The top gainers included Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, Hartalega Holdings Bhd, KESM Industries Bhd, Bursa Malaysia Bhd, Aeon Credit Service (M) Bhd, Syarikat Takaful Malaysia Keluarga Bhd, QL Resources Bhd, Pintaras Jaya Bhd and Asia File Corp Bhd.

The actives included Avillion Bhd, Vortex Consolidated Bhd, Hibiscus Petroleum Bhd, Sapura Energy Bhd, DGB Asia Bhd, Bumi Armada Bhd and Ekovest Bhd.

The decliners included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Rapid Synergy Bhd, Maxis Bhd, Khind Bhd, YNH Property Bhd and Tasek Corp Bhd.

Reuters reported that most Southeast Asian stock markets rose on Thursday, tracking an upbeat session on Wall Street, as hopes for the coronavirus outbreak nearing its peak rose, while expectations of a cut in oil output pushed the energy-heavy Thai index higher.

New York Governor Andrew Cuomo said on Wednesday the state's efforts at social distancing are working to get the pandemic under control, while US President Donald Trump said he would like to reopen the US economy with a "big bang".

Kenanga IB Research said Asian stocks closed lower yesterday following their sharp gains on Tuesday, as investors were worried about the rising number of new Covid-19 cases and death tolls across the globe.

It said back home, the FBM KLCI lost 8.53 points or 0.62% to finish at 1,361.39.

“Chart-wise, the index remains below its key SMAs.

“Nonetheless, coupled with a bullish MACD signal, we may see a continuation of recent intermittent technical rebounds from an oversold position.

“On the chart, our support levels are at 1,310 (S1) and 1,240 (S2),” it said.