KLCI pares gains, stays up 0.43% as Petronas stocks lift

TheEdge Thu, Dec 12, 2019 12:54pm - 4 years View Original


KUALA LUMPUR (Dec 12): The FBM KLCI pared some of its gains at the midday break today, against the backdrop of firmer regional markets, but rose 0.43%, lifted by Petronas stocks.

At 12.30pm, the FBM KLCI rose 6.73 points to 1,569.92. The index had earlier risen to a high of 1,572.51.

Gainers edged losers by 279 to 270, while 517 counters traded unchanged. Volume was 1.35 billion shares valued at RM883.2 million.

The gainers included Petronas Gas Bhd, Petronas Dagangan Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Scientex Bhd, Dutch Lady Milk Industries Bhd, MISC Bhd, Batu Kawan Bhd and Hong Leong Bank Bhd.

The actives included Eco World Development Group Bhd, Sapura Energy Bhd, Ekovest Bhd, DGB Asia Bhd and Khee San Bhd.

The decliners included Hong Leong Financial Group Bhd, Malaysia Airports Holdings Bhd, Petra Energy Bhd, UEM Edgenta Bhd, Chin Teck Plantations Bhd, Aeon Credit Service (M) Bhd, Carlsberg Brewery Malaysia Bhd and Negri Sembilan Oil Palms Bhd.

Asian stocks rose on Thursday to the highest in a month after the Federal Reserve signalled rate settings were likely to remain accommodative, but the imminent UK election and a deadline for Sino-US trade talks kept investors cautious, according to Reuters.

The Fed kept interest rates unchanged, as expected, at its policy meeting on Wednesday but indicated interest rates would remain on hold, which nudged Wall Street stocks higher, it said.

Affin Hwang Capital Research said the FBM KLCI inched higher on Wednesday, gaining 1.4 points or 0.09%, closing at 1,563.19.

The research house said moving through this week, volatility of the index remained low with price congesting sideways within 1,550-1,570.

"Currently, the index is pointing towards indecision between buyers and sellers just above the 1,550 support level.

"However, note that technical indicators on the daily chart are beginning to turn higher, suggesting that a potential rebound is still in the cards in the near term.

"Prevailing downward trend resumes. Index to retest 1,550 in the near term," it said.

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