KLCI rises higher despite shaky regional markets

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KUALA LUMPUR (Feb 25): The FBM KLCI rose higher at mid-morning, lifted by key blue chip stocks, despite a shaky start at most regional markets.

At 10am, the FBM KLCI rose 7.04 points to 1,671.21.

The top gainers included Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Sime Darby Bhd, JMR Conglomeration Bhd, UMW Holdings Bhd, Hong Leong Industries Bhd and Axiata Group Bhd.

The actives included Genetec Technology Bhd, PUC Founder (MSC) Bhd, APFT Bhd, Genting Malaysia Bhd, RGB International Bhd and Jadi Imaging Holdings Bhd.

The top losers included Petronas Chemicals Group Bhd, DKSH (M) Holdings Bhd, MBM Resources Bhd, IQ Group Bhd, Bursa Malaysia Bhd, PPB Group Bhd, KPJ Healthcare Bhd and TIME dotCom Bhd.

Asian shares got off to a shaky start on Thursday as investors remained cautious in the face of a fragile recovery in volatile crude oil - a source of much of the recent anxiety about the health of the global economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down a touch, while Japan's Nikkei stock index added about 0.5% as the yen moved off recent highs, it said.

Hong Leong IB Research said that in the near term, the FBM KLCI is like to remain choppy and trap in a triangle consolidation (unless it can stage a decisive breakout above downtrend line near 1,700) due to nagging external headwinds and ongoing 4Q15 reporting season.

"Overall, most investors will remain risk-averse pending oil-price stabilisation, more clarity about what the Fed's rate hike path coupled with Chinese currency and economic progress.

"Near-term supports are 1,650-1,622,"it said.