KLCI pares gains, set to close above 1,680-level

KLCI pares gains, set to close above 1,680-level
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KUALA LUMPUR (Nov 4): The FBM KLCI pared some of its gains at the midday break today, but looked set to close the day higher above the 1,680-point level.

At 12.30pm, the FBM KLCI added 4.98 points to 1,682.54. The index had earlier risen to its intra-morning high of 1,687.95.

Gainers led losers by 429 to 328, while 330 counters traded unchanged. Volume was 1.57 billion shares, valued at RM1.15 billion.

The top gainers included Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Panasonic Malaysia Manufacturing Bhd, PPB Group Bhd, YSP Southeast Asia Bhd, Signature International Bhd and Power Root Bhd.

The actively-traded stocks included Hibiscus Petroleum Bhd, Idimension Consolidated Bhd, The Media Shoppe Bhd, RGB International Bhd, XOX Bhd, KNM Group Bhd and Sumatec Resources Bhd.

The decliners included British American Tobacco (M) Bhd, Carlsberg Brewery (M) Holdings Bhd, Latitude Tree Holdings Bhd, Far East Corporation Bhd and Bintulu Port Holdings Bhd.

Asian shares rallied on Wednesday, with Japanese stocks leading the way, while investors' bigger risk appetite pushed up U.S. debt yields and lifted the dollar, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.7%, it said.

BIMB Securities Research said in Asia, stocks closed mostly positive, supported by foreign buying, but gains were limited due to unexciting corporate earnings.

It said back home, the FBM KLCI gained 13.49 points or 0.81% to 1,677.56, lifted mainly by banking and O&G counters.

“Trading participation saw net buying by foreign institutions and local institutions, while local retail were net sellers.

“We expect the local market to remain positive today, following overnight gains in U.S. and recovery in crude oil price, with the index hovering circa 1,680-1,685,” it said.