KLCI pares gains as TNB and Maybank decline, glove makers lift

KUALA LUMPUR (Sept 14): The FBM KLCI pared some of its gains in the mid-morning today, as Tenaga Nasional Bhd (TNB) and Malayan Banking Bhd (Maybank) fell, but was up 0.49% as index-linked glove makers lifted against a backdrop of firmer regional markets.

At 10am, the KLCI was up 7.39 points at 1,512.24. The index earlier rose to a high of 1,514.75.

Market breadth was positive with 557 gainers and 240 losers, while 340 counters traded unchanged. Trading volume was 2.20 billion shares valued at RM1.78 billion.

The top gainers included Nestle (Malaysia) Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd and Careplus Group Bhd.

The actively traded stocks included Parkson Holdings Bhd, Hiap Teck Venture Bhd, Kanger International Bhd, XOX Bhd, Top Glove, HLT Global Bhd, Careplus, Pasukhas Group Bhd and Sapura Energy Bhd.

The decliners included TNB, Dutch Lady Milk Industries Bhd, Maybank, IHH Healthcare Bhd, Maxis Bhd, Petron Malaysia Refining & Marketing Bhd, Can-One Bhd, KKB Engineering Bhd and CIMB Group Holdings Bhd.

Bloomberg said Asian stocks started the week with gains and US futures pointed higher as investors looked ahead to a US Federal Reserve (Fed) meeting that could provide clues about its policy outlook.

The US dollar and Treasuries were little changed, it said.

JF Apex Securities Research said US markets were mixed with the Nasdaq Composite fell in another volatile session last Friday as the continuing tech sell-off drove the benchmark to its worst week in months.

Meanwhile, it said the European markets closed slightly higher with the Brexit stand-off in focus.

“On the local market, the FBM KLCI gained 14.73 points or 0.99% to end at 1,504.85 points.

“We expect the local bourse to tread cautiously, possibly in a sideways trading, in the absence of clear leads with our resistance and support levels at 1,475 and 1,550 points respectively,” it said.

Source:  TheEdgeMarkets