KLCI bucks regional trend, rises 0.55% as select blue chips lift

TheEdge Wed, Mar 04, 2020 12:54pm - 4 years View Original


KUALA LUMPUR (March 4): The FBM KLCI bucked the trend and rose 0.55% at the midday break, lifted by select index-linked blue chips, against the backdrop of weaker regional markets.

At 12.30pm, the FBM KLCI rose 8.15 points to 1,486.79.

Losers led gainers by 368 to 196, while 519 counters traded unchanged. Volume was 1.44 billion shares valued at RM989.12 million.

The top gainers included Fraser & Neave Holdings Bhd, Hap Seng Consolidated Bhd, Petronas Chemicals Group Bhd, Hartalega Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Hong Leong Bank Bhd, Master-Pack Group Bhd and Public Bank Bhd.

The actives included Vortex Consolidated Bhd, Advance Synergy Bhd, Tiger Synergy Bhd, Careplus Holdings Bhd, Sanichi Technology Bhd and XOX Bhd.

The decliners included Nestle (M) Bhd, Allianz Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, Heineken Malaysia Bhd, Hong Leong Industries Bhd, Aeon Credit Service (M) Bhd, Genting Bhd and IGB Bhd.

Reuters said most Southeast Asian stock markets slipped on Wednesday, tracking Wall Street as a surprise rate cut by the US Federal Reserve failed to allay fears over the coronavirus's impact, while dismal China economic data dented sentiment as well.

The Fed lowered interest rates by 50 basis points on Tuesday, its first out of cycle cut since 2008 at the height of the financial crisis, in a bid to shield the world's largest economy from the impact of the virus, it said.

Affin Hwang Capital Research said the FBM KLCI gained 11.7 points or 0.8% to close at 1,478.64 on Tuesday.

It said the index staged a rebound in yesterday’s trading session.

“Nonetheless, investors should take note that the overall market still remains in a downtrend. Technical indicators continue to hover in bearish territories, indicating that price is still weak. Outlook also remains firmly towards the downside with price trading well below the key daily moving averages.

“Globally, US market tumbled once again in overnight sessions which may potentially drag our local market down as well. Anticipate market to increase its volatility with downward bias.

“Anticipate the index to trade with downward bias,” it said.

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