KUALA LUMPUR (July 12): The FBM KLCI reversed its earlier losses and climbed 0.44% at midday break, tracking regional markets, lifted by gains including at banking heavyweights Malayan Banking Bhd and Pulic Bank Bhd.
At 12.30pm, the FBM KLCI rose 7.41 points to 1,696.18. The index had earlier slipped to its intra-morning low of 1,686.14.
Gainers overtook losers by 277 to 236, while 506 counters traded unchanged. Volume was 1.24 billion shares, valued at RM815.69 million.
Top gainers included Malaysian Pacific Industries Bhd, Kossan Rubber Industries Bhd, Maybank, Hartalega Holdings Bhd, Public Bank, Kuala Lumpur Kepong Bhd, Cocoaland Holdings Bhd, Supermax Corp Bhd and George Kent (M) Bhd.
The actives included Sapura Energy Bhd, APFT Bhd, My E.G. Services Bhd, Nova MSC Bhd, George Kent and Dagang NeXchange Bhd.
The decliners included British American Tobacco (M) Bhd, Ajinomoto (M) Bhd, BLD Plantation Bhd, Batu Kawan Bhd, Nestle (M) Bhd, United Plantation Bhd, Hong Leong Industries Bhd, Hong Leong Bank Bhd and Hengyuan Refining Company Bhd.
Asian stocks rose on Thursday, after a bruising selloff the previous day, despite lingering concerns around the U.S. and Chinese trade war that show little sign of abating. The dollar held an advance and crude oil steadied after its biggest plunge in two years, according to Bloomberg.
Stock markets from Sydney to Hong Kong climbed alongside U.S. equity futures, paring some of yesterday’s losses that were spurred by angst that the Trump administration’s trade stance will weaken growth outlook.
Chinese stocks outperformed.
The yen slipped and the won retreated, with Asian currencies under pressure, amid nervousness surrounding the U.S.-China dispute. Oil steadied after a slide, while 10-year Treasury yields ticked higher. The offshore yuan pared an overnight loss, though it remained past a key level against the greenback that prompted verbal intervention from the central bank last week, Bloomberg said.
Affin Hwang Capital Research said the FBM KLCI Index closed flat in the last session, inching up 1.64 points.
“The local index is currently consolidating within a range of about 45 points between the 1655 and 1700 level.
“The FBM KLCI Index likely to move sideways, with slight upward bias in the near-term,” it said.
Source: The Edge