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KLCI rises 0.62% but on course for month-on-month loss

TheEdge Fri, Aug 30, 2019 12:57pm - 11 months ago

KUALA LUMPUR (Aug 30): The FBM KLCI rises 0.62% at the midday break on the final trading day of August, but looked poised to post a month-on-month loss of more than 25 points.

At 12.30pm, the FBM KLCI rose 9.87 points to 1,605.05. The index had closed at 1,634.87 on July 31.

Gainers led losers by 307 to 213, while 524 counters traded unchanged. Volume was 1.11 billion shares valued at RM705.21 million.

The gainers included Fraser & Neave Holdings Bhd, Allianz Malaysia Bhd, Nestle (M) Bhd, British American Tobacco (M) Bhd, New Hoong Fatt Holdings Bhd, Hong Leong Industries Bhd, Kuala Lumpur Kepong Bhd, Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd and Aeon Credit Service (M) Bhd.

The actives included Bumi Armada Bhd, Vsolar Group Bhd, KNM Group Bhd, MNC Wireless Bhd, TH Heavy Engineering Bhd and Carimin Petroleum Bhd.

The losers included Hengyuan Refining Co Bhd, Lingkaran Trans Kota Holdings Bhd, Toyo Ink Group Bhd, Supermax Corp Bhd, Caring Pharmacy Group Bhd, Tien Wah Press Holdings Bhd and Mulpha International Bhd.

Southeast Asian stock markets rose on Friday, with Singapore leading the gains, tracking a global upturn, as markets cheered signs of fresh trade negotiations between Washington and Beijing, according to Reuters.

Risk sentiment got a boost after US President Donald Trump announced on Thursday scheduled calls with China, ahead of a looming deadline for additional US tariffs, it said.

Kenanga IB Research said Asian markets ended mixed yesterday as investors continued to watch the US Treasury inverted yield curve.

Back home, it said the FBM KLCI recovered 5.36 points or 0.34% to close at 1,595.18.

Chart-wise, the research house said the underlying trend of the index remains bearish as the index remains below all its key simple moving averages.

"However, we do not discount the possibility of a technical rebound given that stochastic has been in oversold territory for a long period of around one month.

"Look out for overhead resistance levels at 1,630 (R1) and 1,650 (R2).

"Should selling pressure continue, key support levels to keep an eye on are 1,570 (S1) and 1,550 (S2)," it said.

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