KLCI stays in positive zone as bargain hunting lifts

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KUALA LUMPUR (May 8): The FBM KLCI remained in positive zone at mid-morning today as some mild bargain hunting lifted the market sentiment and kept the index above the 1,800-point level.

At 10.01am, the FBM KLCI rose 5.40 points to 1, 810.50.

The top gainers included Danainfra Nasional Bhd, Tahps Group Bhd, PPB Group Bhd, Westports Holdings Bhd, C.I. Holdings Bhd, Malayan Banking Bhd, Carlsberg Brewery (M) Holdings Bhd, British American Tobacco (M) Bhd, Sasbadi Holdings Bhd, Time Dotcom Bhd and Press Metal Bhd.

The actives included Kanger International Bhd, Frontken Corporation Bhd, APFT Bhd, Nova MSC Bhd, Tanco Bhd and AirAsia X Bhd.

The top losers included Tasek Corporation Bhd, Scanwolf Corporation Bhd, Pharmaniaga Holdings Bhd, Astral Asia Bhd, Public Bank Bhd and Genting Plantations Bhd.

Asian shares held firm on Friday on signs global bond markets are stabilising after a big selloff and sterling jumped about one percent after UK exit polls forecast the ruling Conservatives taking the most seats in parliament, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed while Japan's Nikkei ticked up 0.2 percent from one-month low hit on Thursday, it said.

Hong Leong IB Research said the market was oversold with sound support at 1793 level

“Good time to reposition. Since hitting year-to-date high of 1867.5 on April 27, the FBM KLCI had retraced 3.3% or 62.4 points to 1805.1 yesterday.

“We may witness potential sound supports near 1793 (100-d SMA) levels, supported by the formation of recent hammer and ladder candlesticks, grossly oversold slow stochastic and ahead of the tabling of 11th Malaysian Plan in Parliament on 21 May,” it said.