KLCI notches up limited gains

TheEdge Fri, Apr 19, 2019 10:28am - 4 years View Original


KUALA LUMPUR (April 19): The FBM KLCI notched up limited gains at mid-morning today, tracking the modest rise at regional markets.

At 10am, the FBM KLCI was up 2.88 points to 1,622.61. The index had earlier slipped to a low of 1,618.69.

Gainers led losers by 304 to 127, while 286 counters traded unchanged. Volume was 635.04 million shares valued at RM339.06 million.

The gainers included United Plantations Bhd, United Malacca Bhd, Petron Malaysia Refining & Marketing Bhd, Allianz Malaysia Bhd, BIMB Holdings Bhd, Teck Guan Perdana Bhd, Pentamaster Corp Bhd, Iskandar Waterfront City Bhd (IWC) and DWL Resources Bhd.

The actives included IWC, Ekovest Bhd, KNM Group Bhd, Compugates Holdings Bhd, Seacera Group Bhd and Sapura Energy Bhd.

The decliners included Asia Brands Bhd, Petronas Dagangan Bhd, Public Bank Bhd, Lingkaran Trans Kota Holdings Bhd and Hap Seng Consolidated Bhd.

Stocks in Asia showed modest gains Friday after their US counterparts edged higher, ahead of a holiday weekend in many countries. The US dollar climbed, according to Bloomberg.

Shares rose in Japan and Korea, with trading volumes lighter than usual. The yen was little changed after a key inflation gauge inched higher. Earlier, the S&P 500 Index closed up after data showed retail sales jumped by the most since September 2017 and unemployment claims fell. Treasuries climbed alongside European bonds Thursday. The euro held losses following disappointing German and euro-area factory numbers, the newswire said.

Hong Leong IB Research said the current US corporate earnings season is still fairly supporting the sentiment on Wall Street, and the concerns over a slowing economy could have been priced in the stock markets, at least for the near term.

"Nevertheless, investors are still waiting for the US-China trade tension to be resolved; should there be any unforeseen negative surprises, we may expect another round of profit-taking activities over the near term.

"Tracking the decent upward move from Wall Street, coupled with the already oversold KLCI, we opine that the sentiment on the local [bourse] may turn mildly positive as we believe bargain-hunting activities may emerge.

"Traders may focus [on] banking heavyweights after being beaten down recently, while export-oriented [stocks] like rubber-related and technology should be focused [on] amid weakening bias ringgit," it said.

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