KLCI rises 0.7% in tandem with regional gains

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KUALA LUMPUR (Dec 13): The FBM KLCI rose 0.7% at mid-morning today, rising in tandem with the advance at the regional markets.

At 10am, the FBM KLCI added 11.73 points to 1,675.

Gainers led losers by 281 to 189, while 208 counters traded unchanged. Volume was 395.17 million shares valued at RM245.29 million.

The gainers included Fraser & Neave Holdings Bhd, Nestle (M) Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Magni-Tech Industries Bhd, Khind Holdings Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Yinson Holdings Bhd and Genting Plantations Bhd.

The actives included My EG Services Bhd, Hubline Bhd, Bumi Armada Bhd, Tatt Giap Group Bhd and Permaju Industries Bhd.

The decliners included British American Tobacco (M) Bhd, Bursa Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Westports Holdings Bhd, QL Resources Bhd, George Kent (M) Bhd and Cycle & Carriage Bintang Bhd.

Asian shares and the pound moved higher on Thursday as investors breathed a sigh of relief after British Prime Minister Theresa May survived a no-confidence vote, and as China appeared to be taking more steps to meet US demands to open its markets, according to Reuters.

Sterling rallied from a 20-month low after the vote, and was holding onto gains early in the Asian trading day, trading at US$1.2629, it said.

Hong Leong IB Research in a traders' brief said despite China agreeing on the reduction of auto tariffs, it remains unknown when the change would go into effect.

"Hence, the volatile movement may persist amid the ongoing trade tensions between the US and China. Also, US President Donald Trump threatening to shut down government if Congress doesn't fund his proposed Mexico wall would pose further knee jerk reaction towards stock markets.

"On the local bourse, we expect the bearish tone may extend this week as news headlines are still in the negative mood.

"Hence the downside risk outweighs the upside reward at this juncture. With that, traders may look out for opportunities within the defensive stocks with high potential dividend yield to be paid out in the future," the research house said.