KLCI rises on technical relief rebound

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KUALA LUMPUR (June 20): The FBM KLCI ticked up at the midday break today on a brief technical rebound, against the backdrop of a regional rally.

At 12.30pm, the FBM KLCI was up 2.27 points to 1,668.81. The index had earlier slipped to a low of 1,660.83.

Losers overtook gainers by 278 to 219, while 525 counters traded unchanged. Volume was 1.25 billion shares valued at RM978.65 million.

The gainers included Carlsberg Brewery Malaysia Bhd, Yinson Holdings Bhd, Nestle (M) Bhd, Tenaga Nasional Bhd, Genting Bhd, Malaysian Pacific Industries Bhd, Telekom Malaysia Bhd, Allianz Malaysia Bhd, Paramount Corp Bhd and Heineken Malaysia Bhd.

The actives included Iskandar Waterfront City Bhd, Borneo Oil Bhd, Ekovest Bhd, Dayang Enterprise Holdings Bhd, Perdana Petroleum Bhd, Greatech Technology Bhd and Mestron Holdings Bhd.

The losers included Fraser & Neave Holdings Bhd, Sime Darby Plantation Bhd, Public Bank Bhd, Lafarge Malaysia Bhd, Asia File Corp Bhd, LPI Capital Bhd, Kobay Technology Bhd and PPB Group Bhd.

A gauge of global stock markets rose on Thursday while the US dollar dropped and global bond yields plunged, with the 10-year US yield falling below 2%, after the Federal Reserve signalled possible interest rate cuts later this year, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% while Japan's Nikkei gained 0.6%.

The MSCI ACWI, which incorporates readings of 49 equity markets across the world, gained 0.3% on Thursday. It has recovered a large part of its 6.7% losses made after US President Donald Trump threatened new tariffs on all of China's imports last month, it said.

Affin Hwang Capital Research said the FBM KLCI Index continued on its strong performance, posting a gain of 13.78 points or 0.83% on Wednesday. The index closed at 1,666.54.

"As discussed earlier, the first strong bullish candlestick which signify a possible new wave of upwards movement [has] been confirmed by the formation of the second bullish candle, whereby prices have now made a new high.

"Investors should keep a close watch on the 1,680-1,695 area which also coincides with the key EMA200d (200-day exponential moving average). This may be the next potential stalling area.

"Technical relief rebound in progress," it said.