KUALA LUMPUR (April 9): The FBM KLCI pared some of its gains at mid-morning today amid concerns that the Movement Control Order (MCO) may be further extended in Malaysia, against the backdrop of mixed regional markets.

At 10.05am, the FBM KLCI was up 6.6 points to 1,367.99. The index had earlier risen to a high of 1,369.71.

Gainers led losers by 519 to 112, while 261 counters traded unchanged. Trading volume jumped to 1.30 billion shares valued at RM450.25 million.

The top gainers included Heineken Malaysia Bhd, Hartalega Holdings Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Aeon Credit Service (M) Bhd, Keck Seng (M) Bhd, Pintaras Jaya Bhd, British American Tobacco (M) Bhd and Petron Malaysia Refining & Marketing Bhd.

The actives included Hibiscus Petroleum Bhd, Avillion Bhd, Vortex Consolidated Bhd, Ekovest Bhd, Gamuda Bhd, Prestariang Bhd and Sapura Energy Bhd.

The decliners included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Bloomberg said Asian stocks were mixed Thursday following a three-day rally as investors mulled the spread of the coronavirus and when economies will be able to ramp up again.

Oil rose amid expectations for production cuts, it said.

Hong Leong IB Research said that in the wake of overnight Dow’s 3.4% surge and a 5.6% rally on oil prices coupled with early signs of flattening curve in the pandemic-stricken hotspots, the FBM KLCI may regain its momentum towards 1,370-1,400 territory.

“Nevertheless, we reiterate 'Sell Into Rally' as we do not expect the formidable hurdles at 1,369-1,419 gap (March 16) to be filled in the near term in anticipation of potential further MCO extension and investors continue to assess the fallout from Covid-19, which is still wreaking havoc on domestic and global economies.

“Conversely, a decisive breakdown below immediate support near 1,340 (10D SMA) will accelerate further selling spree towards 1,300 levels,” it said.