KLCI rises 1.02% in line with regional rally

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KUALA LUMPUR (Aug 27): The FBM KLCI extended its gains at the midday break today and rose 1.02%, looking poised to regain the 1,600-point level.

At 12.30pm, the FBM KLCI jumped 16.33 points to 1,596.70.

Gainers outpaced losers by 587 to 180 while 237 counters traded unchanged. Volume was 1.16 billion shares valued at RM932.97 million.

The top gainers included British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Time Dotcom Bhd, Tasek Corporation Bhd, Nestle (M) Bhd, Pharmaniaga Holdings Bhd, Can-One Bhd, AMMB Holdings Bhd and Carlsberg Brewery (M) Holdings Bhd.

The actives included AirAsia Bhd, The Media Shoppe Bhd, IFCA MSC Bhd, Sumatec Resources Bhd, Vsolar Group Bhd, Nexgram Holdings Bhd and KNM Group Bhd.

The losers included Far East Corporation Bhd, Asia Brands Bhd, Dutch Lady Milk Industries Bhd, Perak Corporation Bhd and Tan Chong Motor Holdings Bhd.

Asian stocks extended gains on Thursday as a sharp rebound on Wall Street and gains in battered Chinese shares eased fears of a deep and protracted global market rout, while the dollar rallied as risk aversion eased, according to Reuters.

Sentiment was also supported by comments from New York Fed President William Dudley on Wednesday who said the prospect of a September rate hike "seems less compelling" than it was only weeks ago given the threat posed to the US economy by recent market turmoil, it said.

Hong Leong IB Research said the bullish handover from Wall Street overnight and expectations of relief rally in SHCOMP will support the FBM KLCI near term oversold recovery but it expects profit taking to cap further advance beyond 1,623 amid lingering domestic concerns and upcoming Bersih 4 rally.

“Key supports are 1,526–1,550,” it said.