KLCI rises 0.29%, select blue chips lift


(July 24): The FBM KLCI gained 0.29% at midday break today, tracking the uptrend at most Asian markets, lifted by select index-linked blue chips.

At 12.30pm, the FBM KLCI added 5.24 points to 1,763.20Gainers led losers by 366 to 258, while 607 counters traded unchanged. Volume was 2.05 billion shares, valued at RM1.35 billion.

The top gainers included ViTrox Corp Bhd, PPB Group Bhd, CN Asia Corp Bhd, Radiant Globaltech Bhd, Hong Leong Bank Bhd, Petron Refining & Marketing Bhd, Petronas Dagangan Bhd, Hengyuan Refining Company Bhd and Petronas Gas Bhd.

The actives included Trive Property Group Bhd, Radiant Globaltech, Malaysian Resources Corp Bhd, My E.G. Services Bhd, Cuscapi Bhd, Iskandar Waterfront City Bhd and George Kent (M) Bhd.

The decliners included Heineken Malaysia Bhd, Malaysian Industries Bhd, United Plantations Bhd, Hong Leong Industries Bhd and Chin Teck Plantations Bhd.

Asian stocks climbed Tuesday, as rising yields boost financial shares. The yuan tumbled to the lowest against the dollar in about a year, on further signs of a shift by toward monetary expansion, according to Bloomberg.

Equity benchmarks in Tokyo, Sydney, Hong Kong and China advanced. Financial stocks as a group were among the biggest gainers on the MSCI Asia Pacific Index. Ten-year Treasury yields held around the highest in more than month, after speculation arose that the Bank of Japan may consider fine-tuning its stimulus programs — reminding traders that the direction of major central banks is toward rolling back quantitative easing, Bloomberg said.

IB Research said the FBM KLCI Index resumed its up move yesterday, edging 3.29 points higher.

“Market breadth was positive — 551 gainers and 354 losers.

“The FBM KLCI Index likely to move sideways, with slight upward bias in the near-term,” the research house added.

Source: The Edge

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