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KLCI pares gains, hovers above 1,750 level

TheEdge Tue, Mar 28, 2017 10:42am - 3 years ago


KUALA LUMPUR (March 28): The FBM KLCI pared some of its gains at mid-morning today but hovered above the 1,750-point level, lifted by select blue chips.

At 9.58am, the FBM KLCI was up 6.57 points to 1,751.52. The index had earlier risen to a high of 1,756.27.

The top gainers included British American Tobacco (M) Bhd, Tong Herr Resources Bhd, Panasonic Manufacturing Malaysia Bhd, Petronas Gas Bhd, Globetronics Technology Bhd, Aeon Credit Service (M) Bhd, KLCC Property Holdings Bhd, Petronas Chemicals Group Bhd and Ann Joo Resources Bhd.

The actives included Scomi Group Bhd, Olympia Industries Bhd, Sanichi Technology Bhd, Trive Property Group Bhd, Sterling Progress Bhd, Priceworth International Bhd and AirAsia X Bhd.

The decliners included Allianz Malaysia Bhd, Rapid Synergy Bhd, Teck Guan Perdana Bhd, Fraser & Neave Holdings Bhd, Tasco Bhd, FCW Holdings Bhd and Sime Darby Bhd.

Asian stocks pulled ahead on Tuesday after Wall Street steadied and the US dollar bounced from a four-month low, as concern over Donald Trump's setback on his healthcare reform bill gave away to tentative hopes for the US President's planned stimulus policies, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3% in early trade, it said.

Hong Leong IB Research said that with the Dow paring down intraday losses after falling more than 200 points, it expects bargain hunting activities to emerge further as stocks may be seen as short term oversold.

"However, near-term gains likely to be limited as Brexit will begin on March 29, which may cause some jittery actions in the markets.

"Meanwhile, investors on the local front could look for opportunities to lock in profits after a good rally last week.

"The FBM KLCI could take a breather towards the support of 1,730–1,740 as traders may deploy a wait-and-see strategy over the near term," it said.

 






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