KLCI trades higher in anticipation of index-linked corporate results

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KUALA LUMPUR (Feb 24): The FBM KLCI traded higher in mid-morning today as investors’ confidence in the local bourse is buoyed by upcoming quarterly financial results by index-linked companies.

As at 11.02 am, the KLCI was up by 4.37 points or 0.27% higher at 1,813.9 points.

The morning top gainers are Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Amtek Holdings Bhd, Nestle (M) Bhd and LPI Capital Bhd.

Meanwhile, decliners are led by Panasonic Manufacturing Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Syarikat Takaful (M) Bhd, Kuala Lumpur Kepong Bhd and Amway (M) Holdings Bhd.

Asia Bioenergy Technologies Bhd is the most actively traded counter with 106.43 million shares traded valued at RM14.88 million. The stock is now down 3.57% at 13.5 sen.

Other actively traded stocks include R&A Telecommunication Group Bhd, Wintoni Group Bhd, Diversified Gateway Solutions Bhd, Kanger International Bhd and Glotec Formation Bhd.

JF Apex Securities Research said that US markets closed slightly lower overnight, as stocks pulled back from last week’s record high.

European shares, on the other hand, climbed to a seven-year high as investors welcomed the decision to extend Greece’s bailout by four months.

“On the local front, the FBM KLCI add 1.52 points to 1809.39 points. We expect the index to remain buoyant above 1800 points but still unable to garner enough strength to test the resistance at 1,830 point,” it added.

According to JF Apex, the stock to watch today is Integrax Bhd whose major shareholders just rejected Tenaga Nasional Bhd’s takeover offer.

Also on the look-out list are Coastal Contracts Bhd which sold two vessels for RM197 million, Pharmaniaga Bhd, Malaysian Resources Corp Bhd, Perdana Petroleum Bhd and Shangri-La Hotels (M) Bhd.