KLCI rises 0.82%, aims to breach 1,700

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KUALA LUMPUR (Dec 12): The FBM KLCI rose 0.82% at the midday break and aimed to breach the 1,700-point level, in tandem with the regional rally.

At 12.30pm, the FBM KLCI rose 13.5 points to 1,666.13.

Gainers trailed losers by 334 to 338, while 284 counters traded unchanged. Volume was 1.16 billion shares valued at RM873.66 million.

The gainers included British American Tobacco (M) Bhd, Public Bank Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, CIMB Group Holdings Bhd, Dutch Lady Milk Industries Bhd, Heineken Malaysia Bhd, Top Glove Corp Bhd, Genting Bhd and IHH Healthcare Bhd.

The actives included My EG Services Bhd, Priceworth International Bhd, Sanichi Technology Bhd, Vortex Consolidated Bhd, Prestariang Bhd, Jaks Resources Bhd, Hubline Bhd and Bumi Armada Bhd.

The decliners included Nestle (M) Bhd, KESM Industries Bhd, United Plantations Bhd, Petron Malaysia Refining & Marketing Bhd, UMW Holdings Bhd, Hartalega Holdings Bhd, Lotte Chemical Titan Holding Bhd and BIMB Holdings Bhd.

Asian stock markets rallied on Wednesday as US President Donald Trump sounded upbeat about a trade deal with China, while sterling struggled with the risk of an imminent party coup against British Prime Minister Theresa May, according to Reuters.

In an interview with Reuters, Trump said talks were taking place with Beijing by phone and he would not raise tariffs on Chinese imports until he was sure about a deal.

Affin Hwang Capital Research said the FBM KLCI Index continued to weaken, dropping a further 10.68 points or 0.64% in yesterday's session.

It said the index closed at 1,652.63, at the 1,650 key support area.

"Observe closely the price action today on whether the index will fall below the support level or remain supported above it to determine further direction.

"Technically, MACD (moving average convergence divergence) has crossed below the signal line on the daily chart, indicating a more bearish tone while RSI (relative strength index) & Stochastic continue to hover around bearish territories.

"Anticipate the FBM KLCI Index to congest sideways with downward bias," it said.