KLCI ticks up 0.13% in line with regional gains

TheEdge Wed, Nov 27, 2019 10:26am - 4 years View Original


KUALA LUMPUR (Nov 27): The FBM KLCI ticked up 0.13% at mid-morning today, lifted by select index-linked blue chips, in line with the uptrend at regional markets.

At 10am, the FBM KLCI rose 2 points to 1,585.87.

Losers led gainers by 320 to 240, while 270 counters traded unchanged. Volume was 763.64 million shares valued at RM319.19 million.

The gainers included United Plantations Bhd, Nestle (M) Bhd, Carlsberg Brewery (M) Bhd, Batu Kawan Bhd, Petronas Gas Bhd, Chin Teck Plantations Bhd, Public Bank Bhd, Hong Leong Bank Bhd, Tenaga Nasional Bhd and Genting Plantations Bhd.

The actives included Iris Corp Bhd, NetX Holdings Bhd, Solarvest Holdings Bhd, Alam Maritim Resources Bhd, KNM Group Bhd, Bumi Armada Bhd, Sapura Energy Bhd and Ekovest Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Kuala Lumpur Kepong Bhd, ViTrox Corp Bhd, Yinson Holdings Bhd, Hartalega Holdings Bhd, Kawan Food Bhd, Petronas Dagangan Bhd, Malaysian Pacific Industries Bhd, Press Metal Aluminium Holdings Bhd and Malaysia Airports Holdings Bhd.

Reuters said Asian shares ticked higher on Wednesday as more upbeat signals from Sino-US trade talks fanned hopes of an imminent end to tariff hostilities, which helped offset concerns about a slowing US economy.

The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday and stoked confidence in early Asian trade with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.14%. Australian shares added 0.46% and Japan's Nikkei rose 0.41%, it said.

Hong Leong IB Research said with the fresh positive progress on the US and China trade front after both officials extended the discussions on "core issues" for the phase one mini deal, sentiment will remain positive and translating to potential upside on the Dow.

"However, traders will still be monitoring the tariffs that may potentially take off in December. Hence, the Dow could trend higher with the upside resistance located around 28,500.

"We believe after the MSCI rebalancing activities, coupled with the positive trade progress between the US and China, stocks on the local front may regain traction moving forward.

"[Although] traders may look for profit-taking activities during the ongoing November reporting season period, traders are likely to deploy strategy on index heavyweights to tackle window-dressing opportunities," it said.

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