KUALA LUMPUR (April 8): The FBM KLCI remained in positive territory at the midday break today, tracking regional markets.
At 12.30pm, the FBM KLCI was up 1.37 points to 1,643.18. The index had earlier slipped to its intra-morning low of 1,641.04.
Gainers led losers by 318 to 297, while 515 counters traded unchanged. Volume was 2.13 billion shares valued at RM1.08 billion.
The top gainers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd, Apex Healthcare Bhd, British American Tobacco (M) Bhd, Hengyuan Refining Company Bhd, Pentamaster Corp Bhd and Tasek Corp Bhd.
The actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, Priceworth International Bhd, KNM Group Bhd, Iskandar Waterfront City Bhd, Talam Transform Bhd, Malaysian Resources Corp Bhd and Scomi Group Bhd.
The losers included Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Public Bank Bhd, Rapid Synergy Bhd, Hong Leong Bank Bhd, Peterlabs Holdings Bhd and Heineken Malaysia Bhd.
Most Southeast Asian stocks edged higher on Monday as stimulus from China and better-than-expected US jobs data lifted sentiment and allayed concerns of a slowdown in global economic growth, according to Reuters.
On Sunday, China's central bank said it will step up its policy of targeted cuts to banks' required reserve ratios to encourage financing for small and medium-sized businesses, it said.
Affin Hwang Capital Research said the FBM KLCI Index fell slightly to end last week, down 3.26 points or 0.2%, closing at 1,641.81.
"To recap last week, the index started on a heavy bearish tone before clawing back losses throughout the week to close essentially flat. The market traded in a range of about 19 points between the high of 1,647.59 and low of 1,628.44.
"On the weekly chart, a bullish 'pin bar' (candlestick pattern) has formed just above the 1,600-1,630 support range which may indicate buyers coming into play in the near term. However, anticipate rebound to be short lived.
"Anticipate the FBM KLCI Index to stage a temporary rally up towards the 1,665 level," it said.