KLCI retains marginal gains on mild bargain hunting

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KUALA LUMPUR (Sept 25): The FBM KLCI retained some its gains at the midday break on Thursday, lifted by some mild bargain hunting and improving investor sentiment.

At 12.30pm, the FBM KLCI added 0.49 points to 1,440.57. The Index had earlier risen to its intra morning high of 1,842.35.

Gainers led losers by 373 to 340, whole 321 counters traded unchanged. Volume was 1.35 billion shares valued at RM803.09 million.

The top gainers included LTKM, Atlan, Keck Seng, My E.G., Muda, IQ Group, HLFG, VI Industry, Taliworks, LPI Capital, Pharmaniaga, Telekom, Kawan Food and Eco World.

Sumatec was the most actively traded counter with 135.35 million shares done. The stock fell 1.14% or half sen to 43.5 sen.

The other actives included PDZ, Focus, Nexgram, Asia Bio, Priceworth, Pasukhas, Takaso and TMC Life.

The decliners included Press Metals, Batu Kawan, United Plantations, Tahps, Oriental, Petronas Gas, Takaful, KSL and SHL Consolidated.

Regionally, Asian stocks slipped on Thursday, giving back earlier gains as initial cheer from a rebound on Wall Street fizzled out, while the New Zealand dollar hit a one-year low when the central bank governor decried the currency's recent strength, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, edging towards a four-month low hit the previous day on geopolitical jitters, it said.

BIMB Securities Research said that in Asia, stock markets drifted as the boost from stronger Chinese manufacturing was offset by grim economic news from Europe and airstrikes in Syria.

“Locally, the FBM KLCI ended 0.11 point easier at 1,840.08, on last-minute selling as investors took some profits off the table (on Wednesday).

“With the immediate support at around the 1,835 levels, we reckon some bargain hunting activities especially from the local institutions to emerge soon,” it said.

The local market sentiment also received a boost after the Asian Development Bank (ADB) raised its 2014 growth projection for Malaysia to 5.7% from 5.1% projected earlier and the actual growth of 4.7% in 2013.

The ADB has also raised its growth projection for Malaysia in 2015 to 5.3% from 5% earlier.