KUALA LUMPUR (March 20): The FBM KLCI staged a firm recovery at the midday break to snap its seven-day losing streak and rose 3.01% as index-linked financial services stocks lifted the benchmark index.

At 12.30pm, the FBM KLCI rose 36.67 points to 1,256.39.

Gainers led losers by 541 to 153, while 382 counters traded unchanged. Trading volume was 2.03 billion shares valued at RM1.28 billion.

Among the advancing banking stocks were Public Bhd Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd, AMM Holdings Bhd and Hong Leong Bank Bhd, while other gainers included Malaysia Airports Holdings Bhd, Petronas Gas Bhd and Petronas Dagangan Bhd.

The actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, Bumi Armada Bhd, Borneo Oil Bhd, Jaks Resources Bhd and AirAsia Group Bhd.

Decliners included Malaysian Pacific Industries Bdh, Boustead Heavy Industries Corp Bhd, Gas Malaysia Bhd and Amtel Bhd.

Reuters reported that Asian shares staged a rare rally on Friday as Wall Street eked out gains, bonds rallied and oil boasted its biggest bounce on record, though the panicked rush into US dollars suggested the crisis was far from done.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 3.2%, after seven sessions of losses, it said.

Kenanga IB Research said that yesterday, Asian markets mostly finished lower as investors braced themselves for further downside from the Covid-19-led disruptions.

It said back home, the FBMKLCI lost 19.29 points (-1.56%) to finish at 1,219.72.

“Chart-wise, the index remains below all the key SMAs. Coupled with the bearish MACD signal, we expect the index to remain under pressure ahead.

“On the chart, we have lowered our support levels to 1,145 (S1) and 1,050 (S2). Conversely, the resistance levels are now set at 1,310 (R1) and 1,360 (R2),” it said.