KLCI rises 0.32%, stays shy of 1,600 level as consolidation in progress

TheEdge Wed, Nov 27, 2019 12:50pm - 4 years View Original


KUALA LUMPUR (Nov 27): The FBM KLCI rose 0.32% at the midday break today, tracking regional markets, but remained shy of the 1,600-point level as consolidation at the local bourse appears to be in progress.

At 12.30pm, the FBM KLCI rose 5.01 points to 1,588.88.

Losers led gainers by 329 to 245, while 507 counters traded unchanged. Volume was 1.47 billion shares valued at RM769.11 million.

The top gainers included Carlsberg Brewery (M) Bhd, United Plantations Bhd, Public Bank Bhd, Heineken Malaysia Bhd, Chin Teck Plantations Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd and KESM Industries Bhd.

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

The decliners included Petronas Dagangan Bhd, ViTrox Corp Bhd, Kuala Lumpur Kepong Bhd, Yinson Holdings Bhd, Kawan Food Bhd, Favelle Favco Bhd and Malaysia Airports Holdings Bhd.

Most Southeast Asian stock markets edged higher on Wednesday, with Philippines leading the pack, after US President Donald Trump said the United States and China were close to agreement on the first phase of a trade deal, according to Reuters.

Trump said on Tuesday Washington was in the "final throes" of a deal that would defuse the 16-month dispute with Beijing, but reiterated US support for anti-government protesters in Hong Kong, a potential sore point with China, the newswire said.

Affin Hwang Capital Research said the FBM KLCI retraced lower to close at 1,583.87 on Tuesday, down 7.49 points or 0.34%.

It said the FBM KLCI succumbed to the selling pressures and eventually retraced for the second consecutive day despite the presence of mild optimism in the major markets before the market open.

"This indicated that market participants begin to ignore sentiments as fear over further deterioration in the global economy escalates after IMF cut Japan's 2019 GDP, plus few other unfavourable news headlines on global economy.

"Immediate key support range seen between 1,580-1,560. A convincing breach below the range likely to drive the index lower.

"Short-term consolidation in progress," it said.

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