KLCI pulls back, in line with regional peers

TheEdge Thu, Feb 23, 2017 10:42am - 7 years View Original


KUALA LUMPUR (Feb 23): The FBM KLCI pulled back at mid-morning today, in tandem with the lacklustre regional markets.

At 10.06am, the FBM KLCI was up 0.82 points to 1,708.90. The index had earlier risen to 1,709.54.

The gainers included Petron Malaysia Refining & Marketing Bhd, British American Tobacco (M) Bhd, Shell Refining Company (Federation of Malaya) Bhd, United Plantations Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd, PPB Group Bhd and OldTown Bhd.

The actives included RGB International Bhd, AirAsia X Bhd, Hibiscus Petroleum Bhd, Ekovest Bhd, Vivocom Intl Holdings Bhd, KNM Group Bhd, Kinsteel Bhd, IFCA MSC Bhd and Bumi Armada Bhd.

The losers included Cycle & Carriage Bintang Bhd, Hong Leong Financial Group Bhd, Petronas Gas Bhd, Panasonic Manufacturing Malaysia Bhd, Pharmaniaga Bhd, Hartalega Holdings Bhd and AirAsia Bhd.

Asian stocks pulled back from a 19-month high on Thursday, while the US dollar tried to steady from losses suffered in the wake of the US Federal Reserve (Fed) minutes indicating a cautious approach to more interest rate increases, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was fractionally lower, it said.

Hong Leong IB Research said as the stock markets digested the Fed's minutes without any huge volatile movements, the Dow may extend its upward trend towards the resistance of 20,800–21,000 after a short consolidation, while the trailing support will be set around 20,470.

"Meanwhile, shares on Bursa Malaysia could be due for slight pullback as the FBM KLCI has rallied from the 1,620 level two months back.

"Also, both the stochastics and RSI indicators are suggesting an overbought position on the key index. As the Brent crude oil flirted the US$57 (RM253.65) level two days ago, we anticipate that a solid breakout above US$58 will spike further interest towards oil and gas counters over the near term," it said.

 

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