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Wednesday, October 23rd, 2019

KLCI advances in line with key regional markets

by July 17, 2017 General

KUALA LUMPUR: The local bourse ended marginally higher in range-bound trading in the morning session, tracking the performance of key Asian markets.

At 12.30 pm, the bellwether FBM KLCI ended the morning session 0.22 of a point higher at 1,755.22.  The key index kicked off the week steadier, with the index advancing 4.12 points to  1,759.12.

On the broader market, losers thumped gainers 354 to 344 with 386 counters unchanged. Turnover stood at 1.14 billion shares worth RM682.99mil.

Hong Leong Investment Bank Research said the benchmark FBM KLCI was ripe for a mild technical rebound. 

“On Bursa Malaysia, KLCI may be due for a mild technical rebound this week after falling fourth straight weeks to play catch up with regional peers. Nevertheless, any rebound is likely to  be capped near 1,774 levels due to lack of fresh catalysts. Key supports are 1,740-1,750,” it said. 

PublicInvest said the FBM KLCI could open higher today after US stocks traded at record highs last Friday while treasuries resumed their upward path and the dollar fell after retail sales and inflation data lent further weight to last week’s cautious comments by Janet Yellen, the Federal Reserve chair, on policy normalisation.

Reuters reported that most Southeast Asian stock markets rose on Monday, with Singapore hitting a near two-year high, as tame inflation and soft domestic demand in the United States hurt prospects for a third interest rate increase by the Federal Reserve. 

The MSCI’s broadest index of Asia-Pacific shares outside Japan up about 0.4%.

On Bursa Malaysia, Ajinomoto was the top gainer, adding 74 sen to RM24.88, BAT added 50 sen to RM43.44 and Malaysia Airports Holdings rose 32 sen to at RM8.91. 

The decliners included KESM, HCK Capital and Hartalega, 

Meanwhile, Asian shares were mostly higher with Nikkei 225 up 0.09%. The Hang Seng Index rose 0.57%, South Korea’s Kospi added 0.37%, Taiwan’s Taiex gained 0.06% and Singapore’s Straits Times Index accumulated 0.19%.