KLCI rises 0.68% as banks, blue chips lift

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KUALA LUMPUR (April 24): The FBM KLCI rose 0.68% at mid-morning today in line with regional gains, lifted by index-linked banking stocks and select blue chips.

At 10am, the FBM KLCI rose 12.67 points to 1,858.75.

The top gainers included Kuala Lumpur Keponh Bhd, Tecnic Group Bhd, United Plantations Bhd, PPB Group Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Cycle & Carriage Bintang Bhd, Malayan Banking Bhd, Public Bank Bhd and AMMB Holdings Bhd.

The actively traded stocks included Kanger International Bhd, Sumatec Resources Bhd, SCH Group Bhd, Xinghe Holdings Bhd, Perisai Petroleum Tknologi Bhd, Jaks Resources Bhd, Frontken Corporation Bhd and Icon Offshore Bhd.

The top losers included Press Metal Bhd, Melati Ehsan Bhd, Syarikat Takaful Malaysia Bhd, Guiness Anchor Bhd, Jaks Resources and Tan Chong Motor Holdings Bhd.

An index of Asian shares rose on Friday, on track for a weekly gain as a fresh record for the Nasdaq helped nudge it toward seven-year highs, while the dollar marched in place after more lacklustre U.S. economic data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent, moving back toward a seven-year intraday high touched in the previous session. Japan's Nikkei stock index was down 0.3 percent in early trade, after hitting a 15-year peak on Thursday, it said.

JF Apex Securities Research said that US markets advanced yesterday with the Nasdaq hitting an all time high following encouraging corporate results.

Meanwhile, it said European stocks closed lower following PMI report for April showed slower business activity in the region.

“On the local market, the FBM KLCI dropped 8.69 points to 1846.08 points following a last minute plunge.

“We expect the KLCI to continue hovering below the resistance of 1,860 points following its lackluster performance in absence of local catalyst,” it said.