KLCI recovers to erase loss in line with regional bounce

TheEdge Fri, Nov 22, 2019 01:00pm - 4 years View Original


KUALA LUMPUR (Nov 22): The FBM KLCI recovered to erase its earlier loss and rose marginally at the midday break, in line with the bounce at regional markets.

At 12.30pm, the FBM KLCI gained 0.9 points to 1,593.09. The index had earlier slipped to a low of 1,589.25.

Losers led gainers by 300 to 230, while 527 counters traded unchanged. Volume was 1.37 billion shares valued at RM723.54 million.

The gainers included IGB Bhd, United Plantations Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Hap Seng Plantations Bhd, Teck Guan Perdana Bhd, Scientex Bhd, Kwantas Corp Bhd, MBM Resources Bhd and Petronas Chemicals Group Bhd.

The actives included KNM Group Bhd, Daya Materials Bhd, Ekovest Bhd, Perdana Petroleum Bhd, Pintaras Jaya Bhd, Alam Maritim Resources Bhd, Key Asic Bhd, Sapura Energy Bhd and Bumi Armada Bhd.

The decliners included Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Ayer Holdings Bhd, Genting Plantations Bhd and Dayang Enterprise Holdings Bhd.

Asian equities posted a mild bounce on Friday from three-week lows hit the previous day, with persistent worries over the status of trade negotiations between China and the United States limiting the gains, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.12%, recovering from Thursday's drop of as much as 1.4% that took it to its lowest level since Oct 30 on concerns that US legislation on Hong Kong threatened to undermine trade talks between the world's two largest economies, it said.

Affin Hwang Capital Research said the FBM KLCI dipped slightly on Thursday by 4.17 points or 0.26%, closing at 1,601.14.

"The index retraced slightly but maintaining its level above the 20- and 50-day EMAs (exponential moving averages) which now acted as support level.

"Technically, the index is in consolidation phase after recent rebound. Downward bias remains for the index as global markets remain on consolidation mode.

"Short-term consolidation in progress," it said.

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