Positive regional, ECRL vibes lift KLCI

TheEdge Mon, Apr 15, 2019 12:57pm - 4 years View Original


KUALA LUMPUR (April 15): The FBM KLCI remained in positive territory as positive vibes from firmer regional markets and revival of the East Coast Rail Link (ECRL) project lifted domestic sentiment.

At 12.30pm, the FBM KLCI was up 3.2 points to 1,633.37. The index had earlier risen to its intra-morning high of 1,638.87.

Losers overtook gainers by 321 to 251, while 502 counters traded unchanged. Volume was 1.8 billion shares valued at RM752.19 million.

The top gainers included Fraser & Neave Holdings Bhd, United Plantations Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Amway (M) Holdings Bhd, Kuala Lumpur Kepong Bhd, Time dotCom Bhd, BIMB Holdings Bhd and Inari Amertron Bhd.

The actives included Eduspec Holdings Bhd, Sapura Energy Bhd, Ekovest Bhd, Seacera Group Bhd and Inari.

The losers included Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd, Allianz Malaysia Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd and Dayang Enterprise Holdings Bhd.

Asian shares neared nine-month highs on Monday after US Treasury Secretary Steven Mnuchin said he hoped US-China trade talks were approaching a final lap, while strong Chinese export and bank loan data boosted confidence in the global economy, according to Reuters.

The consequent improvement in risk appetite resulted in the US dollar easing against other major currencies, the newswire said.

Affin Hwang Capital Research said the FBM KLCI Index ended last week on a positive note after closing in red for three consecutive days. The index gained 5.94 points or 0.37% on Friday, closing at 1,630.17.

"The market traded in a range of about 24 points last week between the high of 1,645.72 and low of 1,622.45.

"The index has retested the 1,630 immediate support but managed to only stage a very minimal rebound, suggesting weak presence of buyers. We may likely see a break below the 1,630 immediate support this week," the research house said.

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