KLCI reverses loss as index-linked plantation counters lift

TheEdge Tue, Feb 20, 2024 10:28am - 1 month View Original


KUALA LUMPUR (Feb 20): The benchmark FBM KLCI reversed earlier losses in the mid-morning on Tuesday, as index-linked plantation counters lifted sentiments.

At 10am, the FBM KLCI had added 0.15% or 2.28 points to 1,540.89. The index earlier dipped to a low of 1,537.94.

The gainers included United Plantations Bhd, Dialog Group Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, PPB Group Bhd, Hap Seng Plantations Holdings Bhd, Sime Darby Bhd and Genting Plantations Bhd.

The actives included TWL Holdings Bhd, Minetech Resources Bhd, Dialog Group Bhd, Widad Group Bhd, Sapura Energy Bhd and Reneuco Bhd.

The decliners included Heineken Malaysia Bhd, Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd, Enra Group Bhd and Allianz Malaysia Bhd.

TA Securities said the local market should stay upbeat, as market players return from the Chinese New Year holidays for sector rotational plays, with more fresh domestic leads key to spur further gains.

In its daily market commentary on Tuesday, the research house said the immediate overhead resistance for the index remains at 1,550, with stronger upside hurdles coming at 1,580 and 1,600.

“Key uptrend supports cushioning the downside will be at 1,505, 1,492 and 1,474, the respective rising 30-day, 50-day and 100-day moving averages,” it said.

Reuters said Asian shares were pinned below one-and-a-half-month highs on Tuesday, as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures.

China's five-year loan prime rate was lowered by 25 basis points to 3.90%, bigger than a cut of five to 15 basis points forecast by economists.

The Shanghai Composite Index fell 0.7% in early trade and blue chips fell 0.6%, Reuters reported.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

ALLIANZ 20.880
DIALOG 2.350
DLADY 31.560
ENRA 0.700
ENRA-WA 0.090
FBMKLCI 1535.000
GENP 6.050
HEIM 22.500
HSPLANT 1.850
KLK 22.900
MINETEC 0.140
MPI 30.800
PETDAG 21.820
PPB 15.780
RENEUCO 0.075
SAPNRG 0.050
SIME 2.720
TWL 0.030
TWL-LA 0.020
TWL-WD 0.005
TWL-WE 0.010
UTDPLT 25.000
WIDAD 0.065

Comments

Login to comment.