KLCI tracks regional markets, pares gains

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KUALA LUMPUR (May 27): The FBM KLCI pared some of its gains at the midday break on Monday, tracking regional markets.

At 12.30pm, the FBM KLCI was up 1.71 points to 1,600.03. The index had earlier risen to its intra-morning high of 1,604.44.

Losers led gainers by 321 to 186, while 456 counters traded unchanged. Volume was 836.9 million shares valued at RM486.5 million.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, MISC Bhd, United Platations Bhd, Carlsberg Brewery Malaysia Bhd, Lii Hen Industries Bhd, Rapid Synergy Bhd and RHB Bank Bhd.

The actives included Bumi Armada Bhd, Vortex Consolidated Bhd, KNM Group Bhd, Ekovest Bhd and Lambo Group Bhd.

The losers included Hong Leong Industries Bhd, Merge Energy Bhd, Hengyuan Refining Company Bhd, Tenaga Nasional Bhd, Malaysian Pacific Industries Bhd and Cocoaland Holdings Bhd.

Asia stocks hovered near four-month lows on Monday amid concerns about US-China tensions while the euro was confined to a narrow range after the weekend's European Parliament elections, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was virtually flat, a sliver above from a four-month low touched on Friday, with market holidays in the US and UK denting trading volumes, it said.

CIMB Retail Research said given the tit-for-tat trade tension between the US and China as well as the holiday-shortened week, the benchmark FBM KLCI closed 0.44% lower week-on-week last Friday.

"The overall market breadth stayed bearish.

"A range-bound trading would continue to persist amid the ongoing trade tension between US and China.

"The FBM KLCI is still sitting above its wedge support. It is likely to hover around the psychological 1,600 mark in the near term. Resistance: 1,630 & 1,644. Support: 1,590 & 1,572," it said.