KLCI rises 0.63% to remain above 1,700-level

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KUALA LUMPUR (Nov 16): The FBM KLCI rose 0.63% to remain above the 1,700-level at mid-morning in line with the gains at regional markets.

At 10.01am, the FBM KLCI was up 10.77 points to 1,704.98.

Gainers led losers by 295 to 185, while 252 counters traded unchanged. Volume was 459.27 million shares valued at RM285.87 million.

The gainers included United Plantations Bhd, Apex Healthcare Bhd, Fraser & Neave Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Genting Plantations Bhd, Nestle (M) Bhd, Hong Leong Financial Group Bhd, PPB Group Bhd, Magni-Tech Industries Bhd and Heineken Malaysia Bhd.

The actives included Permaju Industries Bhd, Hibiscus Petroleum Bhd, Tatt Giap Group Bhd, PUC Bhd, Sanbumi Holdings Bhd, Prestariang Bhd and QES Group Bhd.

The decliners included British American Tobacco (M) Bhd, Eksons Corp Bhd, Suiwah Corp Bhd, Tune Protect Group Bhd, Dutch Lady Milk Industries Bhd, Latitude Tree Holdings Bhd, Bermaz Auto Bhd and Malaysia Airport Holdings Bhd.

The British pound lay battered and bruised in Asia on Friday after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal, according to Reuters.

Asian share markets fared better as hopes for a thaw in Sino-U.S. trade relations gave Wall Street a fillip, though there were duelling reports on the prospects for an actual agreement, it said.

Hong Leong IB Research in a traders’ brief said following the conclusion of 3Q18 results season, all eyes are on the upcoming Trump-Xi meeting during G20 summit (30 Nov-1 Dec) and the FOMC meeting on 17-18 Dec.

“We expect volatility to remain as investors’ sentiment is likely to be highly driven by headlines. Key resistances are 25400-25800 while supports are near 24200-24500.

“The overnight 0.83% rebound in Dow should push KLCI to record its 3rd straight gains today but we believe any rebound will be short-lived and capped near 1,726, ahead of the crucial Trump-Xi meeting expected at the G-20 summit.

“Meanwhile, sentiment would remain cautious amid ongoing Bursa Malaysia’s 3Q18 earnings reporting season. Key supports are pegged near 1658-1670 levels,” it said.