KLCI ekes out marginal gains, as buyers and sellers evenly matched
KUALA LUMPUR (July 17): The FBM KLCI eked out marginal gains at the midday break today, as buyers and sellers were evenly matched.
At 12.30pm, the benchmark index was up 0.22 point to 1.755.22 points. The index had earlier rise to its intra-morning high of 1,759.52.
Meanwhile, losers edged gainers by 354 to 344, while 386 counters traded unchanged.
The top gainers included Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, Malaysia Airports Holdings Bhd, United Plantations Bhd, Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Allianz Malaysia Bhd, PPB Group Bhd and Batu Kawan Bhd.
The actives included Vivocom Intl Holdings Bhd, UMW Oil & Gas Corp Bhd, MLabs Systems Bhd, Sterling Progress Bhd, APFT Bhd, Frontken Corp Bhd, IFCA MSC Bhd and XOX Bhd.
The decliners included KESM Industries Bhd, Hartalega Holdings Bhd, Shangri-La Hotels (Malaysia) Bhd, Imaspro Corp Bhd, Eurospan Holdings Bhd, IHH Healthcare Bhd and Pentamaster Corp Bhd.
Asian stocks mostly rose on Monday, spurred by record high closes for the Dow and S&P 500 on bets that the Federal Reserve’s policy will remain accommodative following lacklustre US data, which sent the US dollar reeling to a 10-month low, according to Reuters.
Chinese stocks fell over 2% in early trade but recouped some of the losses after data showed the economy grew at a slightly faster than expected pace of 6.9% in the second quarter thanks to robust industrial output and retail sales, it said.
Affin Hwang IB vice president and head of retail research Datuk Dr Nazri Khan Adam Khan said market sentiments and perceptions in the global markets remained positive and bullish.
He said investors were unfazed with patchy pullbacks in the global market recently indicating a potential bullish outlook in the near future, particularly for the emerging markets.
“We would also like to highlight that our technical analysis on crude oil prices movements have shown that there were encouraging drives by market participants to test resistance levels than to test the supports’ in the past few weeks.
“These activities may lead to potential bullish move in ringgit and other emerging market currencies in the near future.
“As such, we anticipate the FBM KLCI index and stocks in Bursa Malaysia as a whole will gradually consolidate sideways with upward bias soon. Buy on weakness,” he said.
Source: The Edge Markets