KLCI pares gains, stays above 1,600 level

TheEdge Fri, Aug 30, 2019 10:21am - 4 years View Original


KUALA LUMPUR (Aug 30): The FBM KLCI pared some of its gains at mid-morning today, but stayed above the 1,600 level, lifted by select index-linked blue chips.

At 10am, the FBM KLCI was up 7.83 points to 1,603.01. The index had earlier risen to a high of 1,606.56.

Gainers led losers by 339 to 149, while 270 counters traded unchanged. Volume was 556.79 million shares valued at RM279.25 million.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Hong Leong Industries Bhd, Hong Leong Bank Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd and Hong Leong Financial Group Bhd.

The actives included Bumi Armada Bhd, TH Heavy Engineering Bhd, KNM Group Bhd, Carimin Petroleum Bhd and Genting Malaysia Bhd.

The losers included Hengyuan Refining Co Bhd, Heineken Malaysia Bhd, Genting Plantations Bhd, Mulpha International Bhd and IOI Corp Bhd.

Asian shares ticked higher on Friday as China struck a hopeful tone on trade with the United States but continued fears about a global growth slowdown, or even a recession, capped sharp rallies, according to Reuters.

Investors were focused on a string of economic releases due over the weekend including China's official manufacturing survey which would provide a good gauge of the real impact from the Sino-US trade war, it said.

Hong Leong IB Research said that on Wall Street, the current upward rebound was expected to sustain, led by technology sector given the trade negotiations between the US and China could resume in the near term following statements from China.

"However, any negative news headlines related to the potential economic slowdown activities moving forward given the yield spread (between 10Y and 2Y) is still hovering in the negative region may limit the upside potential on Wall Street.

"Given the KLCI turning slightly positive yesterday, coupled with Wall Street's overnight bullish tone following statements from Chinese officials, we may anticipate further buying interest within stocks on the local bourse, lifting the KLCI towards the 1,600 psychological level.

"Traders may look out for technology stocks for trading opportunities amid some uptick in trade optimism," it said.

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Comments

Okokok佬
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this week viagar, next week diuniama, typical manipulated index.

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