KLCI pares gains as regional markets stay muted

TheEdge Thu, Feb 07, 2019 10:11am - 2 years ago

KUALA LUMPUR (Feb 7): The FBM KLCI pared some of its gains at mid-morning today as regional markets remained muted.

At 10.01am, the FBM KLCI was up 3.53 points to 1,687.14. The index had earlier risen to a high of 1,691.19.

Gainers led losers by 204 to 144, while 215 counters traded unchanged. Volume was 265.25 million shares valued at RM127.97 million.

The gainers included Nestle (M) Bhd, KESM Industries Bhd, Mesiniaga Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, MBM Resources Bhd, Can-One Bhd, Hong Leong Financial Group Bhd, Bursa Malaysia Bhd and PM Technology Bhd.

The actives included Sino Hua-Ann International Bhd, Seacera Group Bhd, Permaju Industries Bhd, Sapura Energy Bhd, Carmin Petroleum Bhd and Jag Bhd.

The decliners included United Plantations Bhd, Fraser & Neave Holdings Bhd, Tasek Corp Bhd, Ajinomoto (M) Bhd, Fima Corp Bhd, Choo Bee Metal Industries Bhd, AMMB Holdings Bhd, DiGi.Com Bhd and Perusahaan Sadur Timah Malaysia Bhd.

Asian share markets were in a muted mood on Thursday and looked set for a sleepy session with China still on holiday and no major economic data on the diary, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little moved in early trade after ending almost unchanged on Wednesday, it said.

Kenanga IB Research said shares in major Asian market closed mixed with subdued trading as few markets were closed ahead of the Lunar New Year holidays.

“Our local bourse only open trading for half-day on Monday, which saw the FBM KLCI gained a mere 0.08 point to close at 1,683.61.

“We maintain our neutral outlook, as the index remains above the 20 and 50 day-SMAs but other momentum indicators are starting to show signs of slowing down.

“A positive outcome from the trade talk may see the index trend higher to its resistances at 1,730 (R1) and 1,800 (R2). Should the index break below both the 20 and 50-day SMA, support levels can be identified at 1,650 (S1) and 1,600 (S2),” it said.


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