Limited gains for KLCI ahead of CNY break

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KUALA LUMPUR (Feb 16): The FBM KLCI remained in positive zone at mid-morning on Monday, but gains were seen limited ahead of the Chinese New Year-holiday shortened trading week.

At 10.01am, the FBM KLCI added 3.92 points to 1,804.87.

The top gainers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Kawan Food Bhd, Latitude Trees Holdings Bhd, Signature International Bhd, Only World Group Holdings Bhd, Mitrajaya Holdings Bhd, Hong Leong Financial Group, Felda Global Ventures Holdings Bhd and RHB Capital Bhd.

The actives included Perisai Petroleum Teknologi Bhd, KNM Group Bhd, TH Heavy Engineering Bhd, Icon Offshore Bhd, Sumatec Resources Bhd, Kronologi Asia Bhd, JCY International Bhd and Tiger Synergy Bhd.

The top losers included Panasonic Malaysia Manufacturing Bhd, Tenaga Nasional Bhd, Kuala Lumpur Kepong Bhd, MISC Bhd, Gas Malaysia Bhd, LPI Capital Bhd, Globetronics Technology Bhd, IOI Corporation Bhd and Alliance Financial Group Bhd.

Most Asian share markets were fractionally higher on Monday following a record close on Wall Street, with investors cautiously optimistic the European Union would make progress this week on a debt deal with Greece, according to Reuters.

Oil prices extended their bounce as Brent topped US$62 a barrel, while the major currencies stayed locked in recent tight ranges, it said.

BIMB Securities Research said Asian markets were also broadly higher last Friday in tandem with the solid performance from the US and Europe.

Locally, it said the FBM KLCI was also firmer at 1,800.95, up 11.88 points amid the continuous selling from the foreign funds.

“Last Friday saw a net foreign outflow of RM128.5 million pushing last week’s net outflow to RM677.7 million.

“For today, we expect the benchmark index to trend higher with the 1,810 as the immediate resistance thereafter at the 1,820 mark,” it said.