KUALA LUMPUR (April 9): The FBM KLCI rose 0.58% at midday break and tested the 1,850-point level in the morning session today, lifted by gains including at index-linked Petronas counters.
At 12.30pm, the FBM KLCI rose 10.69 points to 1847.70. The index had earlier risen to its intra-morning high of 1,850.01.
Gainers led losers by 410 to 179, while 543 counters traded unchanged. Volume was 1.17 billion shares, valued at RM796.74 million.
The top gainers included Petronas Dagangan Bhd, Hengyuan Refining Company Bhd, Dutch Lady Milk Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Press Metal Aluminium Holdings Bhd, Globetronics Technology Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd and Petronas Chemicals Group Bhd.
The actives included UMW Oil & Gas Corp Bhd, Sapura Energy Bhd, Borneo Oil Bhd, Sino Hua-An International Bhd, HB Global Ltd, PUC Bhd, Nexgram Holdings Bhd and Hibiscus Petroleum Bhd.
The decliners included British American Tobacco (M) Bhd, Hong Leong Industries Bhd, My E.G. Services Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd and CIMB Group Holdings Bhd.
Asian shares edged higher on Monday, as a bounce in U.S. stock futures soothed sentiment even as U.S. President Donald Trump kept up his twitter war with China over trade, just a couple of days before President Xi Jinping gives a keynote speech, according to Reuters.
There was also little immediate reaction to reports U.S. forces had struck at sites in Syria, presumably in retaliation for an alleged chemical attack on civilians there, Reuters added.
Affin Hwang Capital Research said global equity market continues to be jittery, following continuous sliding of stocks in Wall Street, with fears on global trade wars.
Consequently, it said stocks in the local market is expected to retrace, in line with the global market.
“The FBM KLCI Index has eventually moved into a correction phase, after closing below EMA20 and EMA50 end of last week.
“Selected index link stocks anticipated to be active to support the FBMKLCI for the GE14 election plays, while the rest of the stocks are likely to resume their downward retracement,” the research house added.