KLCI rises 0.56%, poised to end week above 1,600 level

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KUALA LUMPUR (Jan 3): The FBM KLCI rose 0.56% at the midday break and remained poised to end the first week of 2020 above the 1,600-point level.

At 12.30pm, the FBM KLCI was up 8.92 points to 1,611.42. The index had earlier risen to a high of 1,612.62.

Gainers led losers by 382 to 252, while 557 counters traded unchanged. Volume was 2.26 billion shares valued at RM1.18 billion.

The gainers included Carlsberg Brewery Malaysia Bhd, Nestle (M) Bhd, Allianz Malaysia Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, PPB Group Bhd, Petronas Gas Bhd, United Plantations Bhd and Genting Plantations Bhd.

The actives included Melewar Industrial Group Bhd, Sapura Energy Bhd, Avillion Bhd, Ekovest Bhd, Velesto Energy Bhd, Hibiscus Petroleum Bhd, KNM Group Bhd and Eduspec Holdings Bhd.

The decliners included JcbNext Bhd, Dutch Lady Milk Industries Bhd, Guan Chong Bhd, Bright Packaging Industry Bhd, Magna Prima Bhd, FSBM Holdings Bhd, MCE Holdings Bhd, PMB Technology Bhd and Master-Pack Group Bhd.

Reuters said Asian shares extended their New Year's rally on Friday after Wall Street struck another record high on fresh Chinese stimulus while oil spiked after US air strikes in Iraq heightened geopolitical tensions.

MSCI's broadest index of Asia-Pacific shares outside Japan touched its highest point since June 15, 2018 in early trade, but later pared gains. It was last up 0.31%, it said.

Affin Hwang Capital Research said the FBM KLCI gained 13.74 points or 0.9%, to close at 1,602.5 on Thursday.

It said the index now trades above the 1600 psychological level once again.

"With the EMA20d trading above the EMA50d, this signifies the short-term trend is upward.

"Hence, we may see the index drift higher, retesting the 1,615 immediate resistance in the near term, supported by key technical indicators which remain in bullish territories, indicating strength in the index.

"Anticipate index to trade sideways with upward bias," it said.