KUALA LUMPUR: The FBM KLCI climbed higher at midday, riding on the coat tails of the firmer Asian markets and the overnight gains on Wall Street.
At 12.30 pm, the benchmark index rose 9.55 points, or 0.68% to 1,405.780.
In the broader market, there were 491 stocks advancing against 302 stocks declining while 398 counters unchanged. Turnover was 2.16 billion shares valued at RM1.08bil.
Among the gainers, Malaysian Pacific Industries surged RM1.10 to RM30, Nestle rose 50 sen to RM131.70, F&N gained 32 sen to RM25.40 and Aeon Credit added 24 sen to RM11.48.
On the other hand, Rapid slid 26 sen to RM21.52, Hextar Technologies fell 14 sen to RM26.50, Transocean slipped 11 sen to RM1.95 and Ideal declined 11 sen to RM1.95.
Overnight, the US market rose overnight after June PPI data was lower than expected, easing concerns of further aggressive interest rate hikes.
The Dow Jones Industrial Average rose 47.71 points, or 0.14%, to 34,395.14, the S&P 500 gained 37.88 points, or 0.85%, to 4,510.04 and the Nasdaq Composite added 219.61 points, or 1.58%, to 14,138.57.
Rakuten Trade reckoned reckon buying activities to re-emerge today in view of the positive developments in China and the US which should improve market undertone.
“Therefore, we expect the index to hover within the 1,395-1,405 with buying interests to center on tech-related companies and also the oil & gas sector as the Brent crude is currently trending towards the US$82/barrel level due to improving demand,” it added.
TA Securities, however, said stocks should extend profit-taking consolidation ahead of the weekend and after recent gains, pending fresh domestic leads and further signs of easing inflation and stimulus from China to support growth.
“On the index, immediate overhead resistance remains at 1,400, with 1,420, followed by the 200-day moving average at 1,438, acting as stronger resistance levels. Crucial supports are at 1,369 and 1,350,” it said.
– The Star