KUALA LUMPUR (April 23): The FBM KLCI pared its gains at the midday break as it struggled to breach the 1,400 resistance level despite the positive vibes at most regional markets.

At 12.30pm, the FBM KLCI was up 7.79 points to 1,389.68. The index had earlier risen to a high of 1,395.34.

Gainers led losers by 364 to 225, while 505 counters traded unchanged. Trading volume was 2.98 billion shares valued at RM1.38 billion.

The advancers included Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysian Pacific Industries Bhd, Nestle (M) Bhd, Allianz Malaysia Bhd, Ajinomoto (M) Bjd, United Plantations Bhd and Westports Holdings Bhd.

The actives included Vortex Consolidated Bhd, Lambo Group Bhd, Nexgram Holdings Bhd, Sanichi Technology Bhd, Luxchem Corp Bhd, MCT Bhd and Hubline Bhd.

The decliners included Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, New Hoong Fatt Holdings Bhd, Hong Leong Industries Bhd and Globetronics Technology Bhd.

Reuters said Southeast Asian shares rose on Thursday, taking cues from Wall Street that rose overnight after oil prices recovered and the US Congress looked set to approve a fresh fiscal package.

The House of Representatives is expected to clear a relief package worth US$484 billion later on Thursday, which would take the overall US federal financial response to the coronavirus pandemic to almost US$3 trillion, it said.

Kenanga IB Research said Asian stocks ended mixed yesterday, tracking Wall Street’s overnight performance and oil price movement.

It said back home, the FBM KLCI gained 0.16 points or 0.01% to finish at 1,381.89.

“Chart-wise, the index — following its rebound from previous oversold position to close the gap that was opened during the mid-March market meltdown — could face renewed selling pressures ahead after testing but failing to break above its 50-day SMA.

“On the chart, our support levels now stand at 1,360 (S1) and 1,310 (S2). On the upside, we have set our resistance levels at 1,400 (R1) and 1,420 (R2),” it said.