KUALA LUMPUR (April 17): The FBM KLCI rose 1.9% to its highest level in a month and looked poised to end the week firmly above the 1,400-point threshold as plans are afoot to reboot the US economy.

At 12.30pm, the benchmark index rose 26.39 points to 1,412.92.

Market breadth was positive with 570 gainers and 115 losers, while 535 counters traded unchanged. Trading volume was a healthy 3.89 billion shares valued at RM1.65 billion.

The gainers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Tenaga Nasional Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, LPI Capital Bhd, Hong Leong Financial Group Bhd and Aeon Credit Service (M) Bhd.

The actives included Lambo Group Bhd, Minetech Resources Bhd, Xidelang Holdings Ltd, Sanichi Technology Bhd, AirAsia Group Bhd and Priceworth International Bhd.

The decliners included Kuala Lumpur Kepong Bhd, Imaspro Corp Bhd, Eupe Corp Bhd and YNH Property Bhd. 

Reuters said Asian stocks gained on Friday as President Donald Trump's plans to gradually re-open the US economy offset data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 2.6% after reaching a five-week high. Shares in China rose 1.8% as the weak GDP data reinforced expectations that more stimulus is coming, while shares in Australia were up 2.62%, it said.

Kenanga IB Research said Asian stocks closed mixed yesterday as investors are waiting for China first-quarter GDP and US jobless claim data to gauge the economic impact from the Covid-19 outbreak.

It said back home, the FBM KLCI lost 1.26 points or 0.09% to finish at 1,386.53.

The research house said that 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 above 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.