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.

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