Tenaga, Genting lift KLCI as region firms up

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KUALA LUMPUR (Feb 7): The FBM KLCI rose 0.39% at midday break today, tracking gains at most neighbouring markets, lifted by Tenaga Nasional Bhd and Genting Bhd, amongst others.

At 12.30pm, the FBM KLCI rose 6.52 points to 1,690.13.

Gainers led losers by 333 to 242, while 1,279 counters traded unchanged. Volume was 683.31 million shares, valued at RM443.38 million.

Top gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, Tenaga Nasional, Mesiniaga Bhd, Maxis Bhd, Genting and Petronas Gas Bhd.

The actives included Seacera Group Bhd, Sino Hua-Ann International Bhd, Permaju Industries Bhd, FGV Holdings Bhd, Sapura Energy Bhd, My EG Services Bhd and Dayang Enterprise Bhd.

Decliners included United Plantations Bhd, Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, ViTrox Corp Bhd, Hong Leong Industries Bhd and Scientex Bhd.

Most Southeast Asian stock markets firmed on Thursday, led by Singapore, as news of further talks between Beijing and Washington bolstered hopes of a trade deal being struck before the March 2 deadline, according to Reuters.

U.S. Treasury Secretary Steven Mnuchin said on Wednesday that he and other U.S. officials will travel to Beijing next week for trade talks, aiming to clinch a deal to avert an increase in U.S. tariffs on Chinese goods, Reuters said.

Affin Hwang Capital Research said the FBMKLCI Index was expected to drift side ways in a quiet market, with slight upward bias due to global market short-term technical relief rebound.

“Technically, the index struggles to reclaim its support above EMA50d, which eventually hints present upward bias is likely to be a temporary scenario.

“Anticipate the FBMKLCI Index to congest sideways in a quiet market,” the research house said.