The FBM KLCI had gained 0.49% at the midday break today as regional markets bounced against the backdrop of fresh stimulus put forward by the Bank of Japan (BoJ) to soften the economic impact of Covid-19.
At 12.30pm, the KLCI had risen 6.73 points to 1,376.58.
Advancers led decliners by 359 to 278, while 448 counters traded unchanged. Volume was 2.88 billion shares valued at RM1.17 billion.
The gainers included Nestle (Malaysia) Bhd, Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Malaysian Pacific Industries Bhd, Chemical Company of Malaysia Bhd, Petronas Gas Bhd, Mega First Corp Bhd and Hong Leong Financial Group Bhd.
The actives included Careplus Group Bhd, Powerwell Holdings Bhd, HLT Global Bhd, Key Alliance Group Bhd, LKL International Bhd, Hubline Bhd, Sapura Energy Bhd, Tiger Synergy Bhd and Minetech Resources Bhd.
The decliners included Petronas Dagangan Bhd, Enra Group Bhd, Allianz Malaysia Bhd, Kobay Bhd, Hong Leong Industries Bhd, BIMB Holdings Bhd, Petron Malaysia Refining & Marketing Bhd and Scientex Bhd.
Reuters said Asian shares bounced today as the BoJ announced more stimulus steps to help cushion the economic impact of Covid-19, while oil took another spill as the world ran short of space to store it all.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2% in early trade, taking back some of last week’s 2.6% decline. Japan’s Nikkei gained 2.1% and Chinese blue chips 1%, it said.
Kenanga Research said Asian stocks finished mostly lower last Friday, tracking Wall Street’s lacklustre performance as investors continued to focus on the economic implications of the pandemic outbreak.
It said back home, the KLCI dropped 11.79 points (-0.85%) to finish at 1,369.85.
“Chart-wise, the index — following its rebound from the previous oversold position to close the gap opened during the mid-March market meltdown — could face renewed selling pressure ahead after testing but failing to break above its 50-day SMA (simple moving average).
“On the chart, our support levels now stand at 1,360 (S1) and 1,310 (S2).
“On the upside, we have set our resistance levels at 1,400 (R1) and 1,420 (R2),” it said.