KUALA LUMPUR (Feb 26): The FBM KLCI staged a technical rebound this morning and rose at mid-morning, but gains are seen limited.
At 10.05am, the FBM KLCI was up 5.66 points at 1,663.82. The index had earlier risen to a high of 1,665.58.
The top gainers included Dutch Lady Milk Industries Bhd, Scientex Bhd, Pestech International Bhd, Teck Guan Perdana Bhd, Genting Bhd, PPB Group Bhd, CIMB Group Holdings Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, Fraser & Neave Holdings Bhd and Globetronics Technology Bhd.
The actives included PUC Founder (MSC) Bhd, DGB International Bhd, APFT Bhd, Globaltec Technology Bhd, Ho Wah Genting Bhd, Perisai Petroleum Teknologi Bhd and JAG Bhd.
The top losers included Petron Malaysia Refining & Marketing Bhd, British American Tobacco (M) Bhd, Can-One Bhd, BIMB Holdings Bhd, Genting Plantations Bhd, Ta Ann Holdings Bhd and Petronas Chemicals Group Bhd.
Asian shares rose on Friday following a firmer finish on Wall Street and as investors awaited a meeting of Group of 20 finance leaders that will likely offer words of reassurance, even if little in the way of actual policy stimulus, according to Reuters.
The S&P 500 scored its highest close since early January after oil staged a turnaround to end Thursday 3% higher on speculation a March meeting of major producers might stabilise prices, it said.
Hong Leong IB Research said that after falling 16.7 points in four days, the local market should stage a technical rebound today given the relief rally in Wall St and European markets coupled with soaring oil price.
"However, a rebound is likely to be capped near 1,700 (downtrend) 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 1,622–1,650," it said.