KLCI rises 1.02% as index-linked banks lift, regional markets rise on better China trade data

TheEdge Tue, Apr 14, 2020 01:00pm - 3 years View Original


KUALA LUMPUR (April 14): The FBM KLCI rose 1.02% at the midday break, lifted by index-linked financial services stocks, against the backdrop of firmer regional markets.

At 12.30pm, the benchmark index rose 13.87 points to 1,369.90.

Advancers led decliners by 487 to 118, while 421 counters traded unchanged. Trading volume was 2.33 billion shares valued at RM973.08 million.

The gainers included CIMB Group Holdings Bhd, Malayan Banking Bhd, RHB Bank Bhd, Public Bank Bhd, AMMB Holdings Bhd, Hong Leong Bank Bhd, Malaysia Airports Holdings Bhd and Petronas Chemicals Group Bhd.

The actives included Lambo Group Bhd, Vortex Consolidated Bhd, Minetech Resources Bhd, Ekovest Holdings Bhd, DGB Asia Bhd and Hibiscus Petroleum Bhd.

The decliners included Malaysian Pacific Industries Bhd, ViTrox Corp Bhd, Subur Tiasa Holdings Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Chin Teck Plantations Bhd and Stella Holdings Bhd.

Reuters said Asian stocks extended gains on Tuesday after China's trade data came in better than expected and as some countries tried to restart their economy by partly lifting restrictions aimed at curbing the coronavirus outbreak.

Analysts said some of the tail risks that had threatened a much deeper and prolonged downturn were starting to dissipate, thanks to a slowdown in new coronavirus cases in major economies and a raft of monetary and fiscal stimulus globally, it said.

Kenanga IB Research said Asian stocks finished lower yesterday as investors reacted negatively towards the significant oil production cut, which reflects the lacklustre global demand due to the pandemic.

It said back home, the FBM KLCI closed marginally lower by 1.47 points or 0.1% to finish at 1,356.03. Chart-wise, the index remains below its key SMAs.

“Nonetheless, coupled with a bullish MACD signal, we may see a continuation of recent intermittent technical rebounds from an oversold position.

“On the chart, our support levels remain at 1,360 (S1) and 1,310 (S2). This comes as the benchmark index — which is hovering just slightly under our first support level — may continue to ride on the technical rebound towards 1,400 (R1).

“Should the momentum persist, the FBM KLCI could attempt to close the gap on the chart (that was opened in mid-March) to test the second resistance level of 1,420 (R2),” it said.

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