KLCI rises as much as 1% to two-month high as regional markets track global gains

TheEdge Thu, May 21, 2020 12:49pm - 11 months ago

KUALA LUMPUR (May 21): The FBM KLCI rose as much as 1% to a two-month high in the morning session Thursday before paring some of its gains at the midday break.

At 12.30pm, the FBM KLCI rose 13.64 points to 1,448.76. The index had earlier risen to a high of 1,451.39.

Gainers led losers by 385 to 260, while 630 counters traded unchanged. Trading volume remained robust at 4.34 billion shares valued at RM2.59 billion.

The top gainers included Petronas Gas Bhd, Top Glove Corp Bhd, Nestle (M) Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Time Dotcom Bhd, Kuala Lumpur Kepong Bhd, Malaysian Pacific Industries Bhd, Comfort Gloves Bhd and Bursa Malaysia Bhd.

The actives included Velesto Energy Bhd, KNM Group Bhd, Careplus Group Bhd, Bumi Armada Bhd, Key Alliance Group Bhd, Sapura Energy Bhd, Comfort Gloves, Ekovest Bhd and Hibiscus Petroleum Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Tenaga Nasional Bhd, Far East Holdings Bhd, Atlan Holdings Bhd and Wah Seong Corp Bhd.

Reuters said Southeast Asian stock markets rose on Thursday, tracking gains in Asia and Wall Street equities, as investors again bet on hopes of quicker economic recovery from the coronavirus-led lockdowns ahead of a key policy meeting in China.

Hopes of an economic rebound grew in the US as states across the country began to loosen restrictions, while Australia and New Zealand also announced a raft of plans to restart public life, with the latter reopening bars and pubs for the first time in months, it said.

Kenanga Research said Asian stocks ended on a positive note, as US Federal Reserve chairman Jerome Powell expressed confidence in the US economy recovering, backed by its strong reserve.

It said back home, the FBM KLCI rose 11.15 points to 1,435.12 points.

“Following the formation of a 'Golden Cross', the index continues to be in an attempt to close the gap that was opened during the mid-March market meltdown.

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, our resistance levels are raised to 1,420 (R1) and 1,460 (R2),” it said.

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