business
KLCI defends 1,700 despite intermittent profit taking
The FBM KLCI defended its 1,700-psychologically crucial level at the midday break today, despite some intermittent profit taking in the morning session.
At 12.30pm, the FBM KLCI was up 11.58 points to 1,704.07. The index had earlier dipped to its intra-morning low of 1,696.11.
Losers outpaced gainers by 467 to 293, while 274 counters traded unchanged. Volume was 1.41 billion shares, valued at RM1.15 billion.
The top gainers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Panasonic Malaysia Manufacturing Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Petronas Gas Bhd, Tasek Corporation Bhd, Hong Leong Bank Bhd and Genting Bhd.
The actives included AirAsia X Bhd, Bumi Armada Bhd, XOX Bhd, Vivocom International Holdings Bhd, AirAsia Bhd, Genetec Technology Bhd and EKA Noodles Bhd.
Top losers included United Plantations Bhd, Top Glove Corporation Bhd, Kossan Rubber Industries Bhd, Bumi Armada Berhad, Focus Lumber Bhd, Latitude Tree Holdings Bhd, Supermax Corporation Bhd, Karex Bhd and KESM Industries Bhd.
Asian shares hit two-month highs on Monday, extending sharp gains from last week, following upbeat US jobs data and a rebound in oil and commodity prices, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6%. It now recouped about 80% of its losses, since the start of 2016, it said.
BIMB Securities Research said Asian shares closed mixed due to some profits taking, after recent sharp gains ahead of China's annual legislative sessions and next week's ECB and BoJ meetings.
“Back home, the FBMKLCI closed 0.25% higher or 4.29 points last Friday (March 4) to close at 1,692.49, in tandem with the increase in crude oil prices.
“For today, we anticipate the index to gain buying interest following a positive lead from Wall Street, and expect the index to hover at around 1,700 - 1,710,” it said. – The Edge Markets, March 7, 2016.
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