FBM KLCI settles into positive territory at midday

TheStar Wed, Dec 14, 2022 12:44pm - 1 year View Original


KUALA LUMPUR: Bursa Malaysia remained broadly higher at midday as investor optimism got a perk from cooler US inflation data and gains on Wall Street.

At lunch break, the 30-stock index rose 10.16 points, or 0.69% to 1,480.28.

In the wider market, gainers outnumbered losers 453 to 342, with 1.52 billion shares worth RM879.7mil changing hands.

Wall Street closed higher overnight after data showed consumer price index (CPI) rose 7.1% from a year ago in November.

The data boosted optimism for a slower pace for the Federal Reserve's interest rate hikes.

The Dow Jones Industrial Average climbed 103.60 points, or 0.3%, to 34,108.64. The S&P 500 added 0.73% to 4,019.65. The Nasdaq Composite rose 1.01% to 11,256.81.

“For today, we reckon regional markets may be buoyed by the lower CPI figure which should prop the FBM KLCI higher thus expect the index to trend within the 1,470-1,485 range,” Rakuten Trade said.

The research house anticipated buying to focus on the oil and gas counters following the rebound of crude oil prices spurred by the easing of Covid restrictions in China that saw the Brent crude price jump pass US$80/barrel.

TA Securities said stocks should continue to trend sideways, pending clearer leads on whether the US Federal Reserve is prepared to switch to a more dovish stance in raising interest rates, and also the ECB's rate decision.

“Immediate chart supports for the index remains at 1,460 and 1,450, with better supports from 1,420 and 1,400.

“Immediate resistance will be at the 1,500 psychological level, with 1,512, and the August high near 1,528 as stronger resistance levels, followed by 1,550 and 1,570 as tougher upside hurdles,” it added.

Consumer giant Nestle jumped RM1 to RM138.40, Hextar Technologies surged 94 sen to RM13.96, Malaysian Pacific Industries rose 54 sen to RM30.52 and PETRONAS Dagangan gained 32 sen to RM21.94.

Time Dotcom shed 12 sen to RM5.08, Can-One lost 11 sen to RM3.31, Carlsberg fell 10 sen to RM23 and F&N declined 10 sen to RM22.02.

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