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KLCI reverses loss, claws into positive zone

TheEdge Fri, Jun 21, 2019 12:51pm - 4 months ago


KUALA LUMPUR (June 21): The FBM KLCI reversed its earlier loss and clawed into positive territory at the midday break Friday, lifted by select blue chips.

At 12.30pm, the FBM KLCI was up 1.3 points to 1,676.73. The index had earlier slipped to its intra-morning low of 1,672.23.

Losers edged gainers by 265 to 251, while 526 counters traded unchanged. Volume was 1.19 billion shares valued at RM991.4 million.

The gainers included Fraser & Neave Holdings Bhd, Yinson Holdings Bhd, United Plantations Bhd, Sime Darby Plantation Bhd, Aeon Credit Service (M) Bhd, Gamuda Bhd, British American Tobacco (M) Bhd, Hengyuan Refining Co Bhd, Magni-Tech Industries Bhd and Petron Malaysia Refining & Marketing Bhd.

The actives included Mestron Holdings Bhd, Iskandar Waterfront City Bhd, Ekovest Bhd, Bumi Armada Bhd, Greatech Technology Bhd, My EG Services Bhd, Lambo Group Bhd and Impiana Hotels Bhd.

The decliners included Tenaga Nasional Bhd, New Hoong Fatt Holdings Bhd, Lysaght Galvanized Steel Bhd, Guan Chong Bhd, PPB Group Bhd, Heineken Malaysia Bhd, MB World Group Bhd and UEM Edgenta Bhd.

Asian stocks struggled on Friday to follow Wall Street's euphoria about a possible US rate cut next month as anxiety over Sino-US trade negotiations clouded investor sentiment in the region, according to Reuters.

Also tempering appetite in Asia were fresh worries about the Middle East, after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington and pushing the crude oil price higher, it said.

Affin Hwang Capital Research said the FBM KLCI Index extended its strong run to three days now, gaining 8.89 points or 0.53% on Thursday. The index closed at 1,675.43.

"Top three stocks lifting the index higher the past three days — Tenaga Nasional Bhd (+7.22%), Axiata Group Bhd (+6.79%) & Malaysia Airports Holdings Bhd (+6.27%).

"Note that prices are fast approaching the next immediate resistance zone (1,680-1,695) but currently show no signs of slowing down. RSI (relative strength index) & Stochastic are also now hovering in overbought regions. Nonetheless, key technical indicators on the daily chart signify buying momentum remains strong.

"Technical relief rebound in progress," it said.








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