KUALA LUMPUR (Feb 25): The FBM KLCI rose 0.72% to regain the 1,500-point level threshold as bargain hunting lifted the local bourse, against the backdrop of stabilising regional markets.

At 12.30pm, the FBM KLCI rose 10.67 points to 1,500.73. It had earlier fallen to a low of 1,481.46.

Gainers led losers by 311 to 284, while 599 counters traded unchanged. Volume was 1.79 billion shares valued at RM1.38 billion.

The top gainers included Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Time Dotcom Bhd, Top Glove Corp Bhd, Malaysia Airports Holdings Bhd, Ajinomoto (M) Bhd and Hartalega Holdings Bhd.

The actives included Avillion Bhd, My EG Services Bhd, Icon Offshore Bhd, Tiger Synergy Bhd, XOX Bhd, Powerwell Holdings Bhd and Sapura Energy Bhd.

The decliners included Nestle (M) Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Padini Holdings Bhd and Hap Seng Consolidated Bhd.

Reuters said Asian share markets were trying to stabilise on Tuesday after a wave of early selling petered out and Wall Street futures managed a solid bounce, allowing investors to take a break from coronavirus fears.

Some dealers cited a Wall Street Journal report on a possible vaccine as helping sentiment, though human tests of the drug might not start until the end of April, it said.

Kenanga IB Research said the FBM KLCI was down by 41.14 points, or 2.69%, to close at 1,490.06 yesterday, following political upheavals and the resignation of Tun Dr Mahathir as Prime Minister.

It said Asian markets were down as coronavirus appears to be spreading more widely in South Korea.

“Chart-wise, the FBM KLCI has fallen below the crucial 1,500-pts support level and 20-day SMA.

“Coupled with the bearish crossover signal from MACD, we expect the index to remain under pressure ahead.

“As the local political landscape is still in a limbo, the FBM KLCI is expected to test our next support levels at 1,470 (S1) and 1,430 (S2) given the weak market sentiment. Overhead resistance levels are now seen at support-turned-resistance thresholds of 1,500 (R1) and 1,550 (R2),” it said.