KLCI sees limited gains as regional markets dip

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mid_morning_market_up_theedgemarkets

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KUALA LUMPUR (April 20): The FBM KLCI saw limited gains at mid-morning today in line with the retreat at most regional markets.

At 10am, the FBM KLCI added 2.11 points to 1,847.97.

The top gainers included United Plantaions Bhd, Syarikat Takaful Malaysia Bhd, Telekom Malaysia Bhd, Globetronics Technology Bhd, Super Enterprise Holdings Bhd and Unisem (M) Bhd.

Bioaplha Holdings Bhd was the most actively traded counter with 90.29 million shares done. The stock rose sen sen to 44.5 sen.

The other actives included Frontken Corporation Bhd, Kanger International Bhd and Unisem warrants.

The losers included Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, PPB Group Bhd , Aeon Credit Services (M) Bhd, British American Tobacco (M) Bhd, Pharmaniaga Holdings Bhd and New Hoong Fatt Bhd.

Asian shares dipped in early trading on Monday after a weak performance on Wall Street, though China's latest stimulus to shore up the world's second-largest economy was likely to underpin sentiment, according to Reuters.

China's central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to bolster slowing growth, it said.

JF Apex Securities Research said US markets declined sharply after changes in China's trading rules that allow more short selling.

Similarly, it said European stocks dropped following concern on Greece's debt negotiations.

“On the local market, the FBM KLCI shed 2.08 points to 1845.86 points.

“Following the bearish sentiment in global markets, we expect the KLCI to be negative today with support at 1830 points,” it said.