KUALA LUMPUR (July 13): The FBM KLCI pared some of its gains but hovered above the 1,600-point threshold at midday break, tracking firm regional markets.

At 12.30pm, the FBM KLCI was up 9.67 points to 1,601.51. The index had earlier scaled to a high of 1,607.68.

Losers overtook gainers by 430 to 261, while 660 counters traded unchanged. Trading volume was robust with 5.69 billion shares valued at RM3.25 billion.

The top gainers included Supermax Corp Bhd, Top Glove Corp Bhd, Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Texchem Resources Bhd, Dufu Technology Corp Bhd, Pentamaster Corp Bhd and ViTrox Corp Bhd.

Meanwhile, Top Glove's share price rose 9.03% or RM1.98 to RM23.90, giving it a market capitalisation of RM64.46 billion, ranking third behind Malayan Banking Bhd, whose market cap was RM88.58 billion, and Public Bank Bhd (RM71.58 billion).

The actives included PDZ Holdings Bhd, Pegasus Heights Bhd, Vivocom International Holdings Bhd, Anzo Holdings Bhd, DGB Asia Bhd, Daya Materials Bhd and Key Alliance Group Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, Rubberex Corp Bhd, Batu Kawan Bhd, Pintaras Jaya Bhd, Panasonic Manufacturing Malaysia Bhd, LPI Capital Bhd and Mesiniaga Bhd.

Reuters said Asian shares crept towards five-month peaks on Monday as investors wagered the US earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15%, having climbed sharply last week on the back of surging Chinese stocks, which added another 1% on Monday, it said.

Kenanga Research said for the whole of last week, the FBM KLCI chalked up cumulative gains of 39.2 points or 2.5% to close at 1,592 on Friday as foreign investors turned marginal net sellers with net outflows of RM270 million (versus net selling value of RM339 million in the previous week).

It said on the chart, the benchmark index may pull back from an emerging double-top formation if it fails to cross over a negative sloping trend line convincingly.

“In which case, we reckon the key market barometer could slide towards our revised support levels of 1,550 (S1) and 1,510 (S2).

“We have also adjusted our resistance barriers to 1,600 (R1) and 1,645 (R2) to cap its upward movements,” it said.