KLCI rises 1.6% to buck regional trend as index-linked stocks lift

TheEdge Wed, Mar 11, 2020 12:51pm - 11 months ago


KUALA LUMPUR (March 11): The FBM KLCI rose 1.6% at the midday break, bucking the trend at regional markets, lifted by select index-linked stocks including Petronas counters.

The jump at the local market may also have been precipitated by former prime minister Tun Dr Mahathir Mohamad’s statement today that Prime Minister Muhyiddin Yassin will survive a no-confidence vote in parliament.

At 12.30pm, the FBM KLCI rose 22.88 points to 1,453.35.

Gainers led losers by 439 to 165, while 510 counters traded unchanged. Volume was 2.48 billion shares valued at RM1.29 billion.

The top gainers included Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, MISC Bhd, Fraser & Neave Holdings Bhd, PPB Group Bhd, Malaysian Pacific Industries Bhd, G3 Global Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd and Petronas Chemicals Group Bhd.

The actives included Sapura Energy Bhd, Vortex Consolidated Bhd, Velesto Energy Bhd, Bumi Armada Bhd, Hibiscus Petroleum Bhd, Perdana Petroleum Bhd, Dayang Enterprise Holdings Bhd, Alam Maritim Resources Bhd and Datasonic Group Bhd.

The decliners included Nestle (M) Bhd, Batu Kawan Bhd, Genting Plantations Bhd, Hock Seng Lee Bhd, JcbNext Bhd and Hap Seng Plantations Holdings Bhd.

Reuters said Asian shares and Wall Street futures fell on Wednesday as growing scepticism about Washington's stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.

Markets had been recovering from a brutal global sell-off on Monday that was triggered by the double shock of an oil price crash and the worsening outbreak, it said.

Kenanga IB Research said Asian stock markets closed higher yesterday, rebounding from the prior day’s panic sell-off caused by oil price war between OPEC and Russia.

It said back home, the FBM KLCI gained 6.31 points or 0.44% to close at 1,430.47 yesterday.

“Chart-wise, the index is still hovering below all the key SMAs.

“Backed by the bearish MACD signal, we expect the index to remain under pressure ahead.

“As such, our support levels are seen at 1,400 (S1) and 1,350 (S2) while its overhead resistance are at 1,450 (R1) and 1,500 (R2),” it said.






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