KLCI rises 0.52% as regional markets stagger up

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KUALA LUMPUR (May 7): The FBM KLCI rose 0.52% at the midday break today, as regional markets recovered slightly, while Axiata Group Bhd and Digi.Com Bhd lifted the local index.

At 12.30pm, the FBM KLCI rose 8.48 points to 1,641.28.

Gainers led losers by 349 to 182, while 506 counters traded unchanged. Volume was 1.72 billion shares valued at RM1.02 billion.

The top gainers included Axiata, Nestle (M) Bhd, United Plantations Bhd, Digi, KESM Industries Bhd, Warisan TC Holdings Bhd, Kawan Food Bhd, Amway (M) Holdings Bhd and Pentamaster Corp Bhd.

The actives included Bumi Armada Bhd, Lambo Group Bhd, Ekovest Bhd, Tiger Synergy Bhd and Barakah Offshore Petroleum Bhd.

The losers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Dufu Technology Corp Bhd, CI Holdings Bhd, Dutch Lady Milk Industries Bhd, Latitude Tree Holdings Bhd, Tasek Corp Bhd and Public Bank Bhd.

Asian shares staggered up from five-week lows on Tuesday but remained fragile after US President Donald Trump's latest threat to raise tariffs on Chinese goods shocked financial markets and fuelled worries that trade talks may be derailed, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, erasing earlier losses. It tumbled 2% on Monday after Trump unexpectedly jacked up pressure on Beijing in the midst of trade negotiations, it said.

Affin Hwang Capital Research said the FBM KLCI Index ended falling about 10 points before clawing back some losses late in yesterday's session.

It said in the end, the index shed 4.5 points or 0.27%, closing at 1,632.8.

"On the daily chart, immediate resistance calculated to be around the 1,645-1,650 level while support can be found at 1,610-1,615.

"The index anticipated to trade within the support and resistance range as there is no clear positive catalysts to support the index higher.

"Anticipate the FBM KLCI Index to consolidate sideways with slight upward bias," it said.