KLCI ekes out meagre gains amidst choppy trade

TheEdge Wed, Aug 16, 2017 01:11pm - 6 years View Original


KUALA LUMPUR (Aug 16): The FBM KLCI eked out meagre gains in somewhat choppy trades during the morning session today, in line with the advance at most regional markets.

At 12.30pm, the FBM KLCI added 0.70 points to 1,773.09. The index had earlier slipped to its intra-morning low of 1,771.76.

Gainers led losers by 325 to 253, while 425 counters traded unchanged. Volume was 899.24 million shares, valued at RM700.20 million.

The top gainers included Shangri-La Hotels (Malaysia) Bhd, Petronas Gas Bhd, Petron Malaysia Refining & Marketing Bhd, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, Kim Hin Industry Bhd, OSK Ventures International Bhd, Ornapaper Bhd, ViTrox Corp Bhd and Globetronics Technology Bhd.

The actives included Mlabs Systems Bhd, Kronologi Asia Bhd, mTouche Technology Bhd, REV Asia Bhd, Anzo Holdings Bhd, Hibiscus Petroleum Bhd and Aemulus Holdings Bhd.

The decliners included Dutch Lady Milk Industries Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, Batu Kawan Bhd, Malaysian Pacific Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Bursa Malaysia Bhd, Sime Darby Bhd and Hartalega Holdings Bhd.

The dollar hoarded hefty gains on Wednesday, after strong U.S. retail data put a Federal Reserve rate hike back on the agenda, while Asia stocks inched ahead as tensions in the Korean peninsula simmered down a little, according to Reuters.

North Korean leader Kim Jong Un has delayed a decision on firing missiles towards Guam, while he waits to see what the United States does, as Washington said any dialogue was up to Kim, Reuters said.

Affin Hwang vice president and head of retail research Datuk Dr Nazri Khan Adam Khan said geopolitical concerns subsided after North Korea was reported to abstain further launching of missiles, following China’s stand on the issue, while gold retraced and crude oil prices firmed up in response.

“The FBM KLCI is anticipated to move in tight range with downward bias, as market is still in consolidating mode. 

“Accumulate quality stocks on price weakness, particularly the mid-caps,” Dr Nazri said.

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