KLCI rises 1.03% in line with gains at regional markets

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KUALA LUMPUR (Nov 24): The FBM KLCI rose 1.03% at the midday break on Monday, in line with the higher regional markets, lifted by blue chips including heavyweights Tenaga Nasional Bhd and Telekom Malaysia Bhd.

At 12.30pm, the FBM KLCI gained 18.99 points to 1,828.12. The index had earlier climbed to its intra-morning high of 1,829.11.

The top gainers included British American Tobacco (M) Bhd, Tenaga, Kuala Lumpur Kepong Bhd, Syarikat Takaful Malaysia Bhd, Telekom Malaysia Bhd, Hong Leong Financial Group Bhd, DiGi.Com Bhd, SapuraKencana Petroleum Bhd and Coastal Contracts Bhd.

Minetech Resources Bhd was the most actively traded counter with 84.3 million shares done. The stock was flat at 16.5 sen.

The other actives included Privasia Technology Bhd, Sumatec Resources Bhd, KNM Group Bhd, Masterskill Education Group Bhd, Focus Dynamics Technologies Bhd and Technodex Bhd.

The decliners included Petronas Dagangan Bhd, Tahps Group Bhd, Sungei Bagan Rubber Company (Malaya) Bhd, Shangri-La Holdings Bhd, United Plantations Bhd, Tan Chong Motor Holdings Bhd and Datasonic Group Bhd.

Regionally, Asian share markets were broadly higher on Monday as the prospect of further policy stimulus in China and Europe whetted risk appetites while sending the euro skidding, according to Reuters.

The single currency was near 28-month lows having shed 1.2 percent on Friday when European Central Bank President Mario Draghi surprised by declaring his commitment to fighting deflation, it said.

BIMB Securities Research said that key regional equities ended positive following overnight gain in Wall Street last Friday.

It said that locally, the FBM KLCI ended sharply lower, losing 0.72% to 1,809.13, dragged down by O&G, banking and plantation counters.

“Trading participation saw net selling from foreign institutions while local institutions and retail were net buyers.

“We expect the local market to kick off the week higher, tracking a positive finish on Wall Street after a surprise interest rate cut in China with immediate resistance at 1,815/20,” it said.