KUALA LUMPUR (Aug 15): The FBM KLCI pared some of its gains at the midday break today as regional markets retreated.
At 12.30pm, the FBM KLCI was up 1.52 points to 1,785.30. The index had earlier risen to its intra-morning high of 1,787.66.
Gainers led losers by 304 to 292, while 556 counters traded unchanged. Volume was 1.45 billion shares valued at RM853.07 million.
The top gainers included Petronas Dagangan Bhd, Elsoft Research Bhd, Malaysian Pacific Industries Bhd, Tenaga Nasional Bhd, British American Tobacco (M) Bhd, Hartalega Holdings Bhd and Choo Bee Metal Industries Bhd.
The actives included FoundPac Group Bhd, Borneo Oil Bhd, Goodway Integrated Industries Bhd, Malaysian Resources Corp Bhd, Berjaya Corp Bhd, TDM Bhd and Luster Industries Bhd.
Asian stocks retreated on Wednesday, failing to follow Wall Street’s gains, while the US dollar was near a 13-month high as concerns about Turkey’s financial crisis weighed on investor appetite despite the lira’s move away from an all-time low, according to Reuters.
The lira — which plummeted to a record low of 7.24 to the US dollar at the week’s start, rattling global markets — was slightly weaker at 6.415 after rebounding more than 8% overnight, it said.
Affin Hwang Capital Research said the FBM KLCI Index closed flat last session (up 0.44 points).
“Prices are respecting the 200 EMA, now acting as dynamic support and also currently at the 50% Fib. level, providing additional support. However, technical indicators are showing that prices will continue to congest sideways.
“The FBM KLCI Index likely to peak for the short term, expect pullback in the near future,” it said.
Source: The Edge