Mid-year window dressing lifts KLCI

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KUALA LUMPUR (June 17): The FBM KLCI rose at the midday break on some mild mid-year window dressing activities.

At 12.30pm, the FBM KLCI rose 3.80 points to 1,726.04.

Decliners outpaced gainers by 300 to 278, while 313 counters traded unchanged. Volume was 727.84 million shares valued at RM675.97 million.

The top gainers included Allianz (M) Bhd, CIMB Group Holdings Bhd, Kuala Lumpur Kepong Bhd, Harbour-Link Group Bhd, Nestle (M) Bhd, Super Enterprise Holdings Bhd, V.S. Industry Bhd, Genting Plantations Bhd and Latitude Tree Holdings Bhd.

The actives included AirAsia Bhd, Minetec Resources Bhd, AirAsia X Bhd, IFCA MSC Bhd, APFT Bhd, Nexgram Holdings Bhd and Frontken Corporation Bhd.

The top losers included United Plantations Bhd, AirAsia, Pos Malaysia Bhd, Dutch Lady Milk Industries Bhd, Kim Loong Resources Bhd, Boustead Heavy Industries Corporation Bhd and Malaysian Pacific Industries Bhd.

Asia shares inched higher while the dollar held firm on Wednesday as investors awaited the Federal Reserve's latest take on the US economy and interest rates as almost a welcome diversion to the endless wrangling over Greece, according to Reuters.

A rally on Wall Street helped Japan's Nikkei gain 0.2%, while Australia's market rose 0.4%, it said.

BIMB Securities Research said that key regional indexes closed mostly lower yesterday with sharp decline in Shanghai and Hong Kong as China Securities Regulatory Commission will begin to tighten the margin regulations for over-the-counter shares.

It said that back home, the FBM KLCI ended flat on thin volume, gaining 0.08 points to 1,722.24, lifted mainly by telco and banking counters.

“Trading participation saw net selling by foreign institutions while local institutions and retail were net buyers.

“We expect the local market to remain sideways with slight downside bias due to lack of fresh catalysts with the index hovering around 1,720–1,725,” it said.