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KLCI rises 0.28% to hold above 1,600pt level

TheEdge Thu, Sep 12, 2019 10:22am - 1 month ago

KUALA LUMPUR (Sept 12): The FBM KLCI rose 0.28% at mid-morning today to hold above the 1,600-point level, against the backdrop of firmer regional markets.

At 10am, the FBM KLCI rose 4.58 points to 1,606.88.

Gainers led losers by 279 to 186, while 285 counters traded unchanged. Volume was 504.34 million shares valued at RM262.17 million.

The gainers included Petronas Chemicals Group Bhd, KLCC Property Holdings Bhd, British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, Digi.Com Bhd, Malaysia Airports Holdings Bhd, Fraser & Neave Holdings Bhd, Malayan Banking Bhd and Axiata Group Bhd.

The actives included Hubline Bhd, Green Packet Bhd, Tadmax Resources Bhd, Bumi Armada Bhd, ARB Bhd, MNC Wireless Bhd, Priceworth International Bhd and Malaysian Bulk Carriers Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, Sime Darby Plantation Bhd, Aeon Credit Service (M) Bhd and Tenaga Nasional Bhd.

Asian stocks rose on Thursday on hopes for a thaw in US-China trade frictions and expectations that the European Central Bank (ECB) will kick off another wave of monetary easing by global central banks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% and Japan's Nikkei stock index rose 1%. Australian shares were up 0.41%, it said.

Hong Leong IB Research said that with the sentiment turning positive and the Dow surpassing 27,000 psychological level convincingly, it expects further buying interest to emerge on Wall Street.

The research house said in addition to the positive sentiment, US President Donald Trump will be delaying the increase of tariffs (25% to 30%) on US$250 billion of Chinese products to Oct 15 (initially on Oct 1).

"Meanwhile, traders will be monitoring closely on the outcome in the ECB and FOMC (Federal Open Market Committee) meetings this week and next week respectively, where market participants are expecting rate cuts this month.

"On the local front, we believe the buying interest may spill over towards stocks on the local front, especially technology stocks on the back of positive Apple's performance overnight.

"Traders will be looking out for opportunities within the O&G and gloves stocks on the back of firmer crude oil prices and potential trade diversion from China to Malaysia amid the US trade tensions, respectively. The FBM KLCI may trend higher towards 1,620," it said.

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