KLCI up 0.39%, crosses 1,870-level

TheEdge Thu, Mar 22, 2018 01:13pm - 6 years View Original


KUALA LUMPUR (March 22): The FBM KLCI rose 0.39% at the midday break today to cross the 1,870 level despite, lifted by gains including at Public Bank Bhd and Malayan Banking Bhd, as well as select index-linked blue chips.

At 12.30pm, the FBM KLCI gained 7.31 points to 1,873.11.

Market breadth, however, was mixed with decliners leading advancers by 301 to 274, while 540 counters traded unchanged. Volume was 1.45 billion shares valued at RM872.99 million.

The top gainers included Nestle (M) Bhd, Public Bank, Hai-O Enterprise Bhd, MMS Ventures Bhd, Maybank, Fraser & Neave Holdings Bhd, PPB Group Bhd, Inari Amertron Bhd, Grand Hoover Bhd, Kossan Rubber Industries Bhd and Heineken Malaysia Bhd.

The actives included Sapura Energy Bhd, D.D.E. Gurney Bhd, Nexgram Holdings Bhd, Sumatec Resources Bhd, SKH Consortoium Bhd, Media Chinese International Ltd, DGB Asia Bhd and Hibiscus Petroleum Bhd.

The decliners included Globetronics Technology Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, AirAsia Bhd, MISC Bhd. Ibraco Bhd, ViTrox Corp Bhd, United Plantations Bhd and LPI Capital Bhd.

The U.S. dollar slipped on Thursday after the Federal Reserve did not signal a faster pace of rate hikes this year, while worries about a coming announcement on tariffs from U.S. President Donald Trump dented Asian shares, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1%, erasing earlier gains of up to 0.7%, which were led by South Korea and Taiwan hitting six-week highs. Japan's Nikkei gained 0.4%, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said regional markets were expected to trade mixed after US Fed Reserve decided to raise interest rate high by 25 basis points, which is actually in line with market expectation.

“Nonetheless, such “hawkish” monetary policy may limit the upside of global equity market in the near term.

“For stocks in Bursa Malaysia, index components are expected to edge higher, in tandem with strengthening of crude oil prices, oil & gas-related stocks expected to be active today. Buy quality stocks on price weakness.

“Volatile external factors influenced the FBMKLCI Index’s performance, nonetheless local stock market remains upbeat, technical rebound to continue,” Dr Nazri said.

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