KLCI tests 1,600 resistance at midday

  • Markets
  • Wednesday, 14 Aug 2019

KUALA LUMPUR: The FBM KLCI spent the morning session straddling the 1,600 psychological level and ended the session resting on the resistance.

The domestic market was lifted after a sharp sell-off in the previous session amid a lift in global equities as Washington announced a delay in tariffs on Chinese goods originally scheduled for September.

At 12.30pm, the local index was up 7.73 points to 1,600.61. Trading volume was 1.3 billion shares to a low value of RM640mil.

Market breadth on the stock exchange was positive with 420 advancers, 224 decliners and 338 coutners unchanged.

Petronas Chemicals led the advance as it rebounded following a sharp slide in the previous session. It ended at midday eight sen higher at RM7.32.

Other leading gainers included CIMB rising six sen to RM5.06 and Sime Darby Plantation adding six sen to RM4.66.

On the wider exchange, most active counters were SUMATEC gaining one sen to four sen, Vsolar falling 0.5 sen to 15.5 sen and BJLand gaining two sen to 20.5 sen.

Key markets were uniformly relieved over the temporary reprieve in US tariffs. The Shanghai Composite Index and CSI300 Index each rose 0.8% Hong Kong's Hang Seng recovered 0.5% after a four-day slide while Japan's Nikkei climbed 0.9% and South Korea's Kospi added 0.7%.

Some profit-taking was seen in oil markets following the overnight surge in prices as a result of the delay in US trade tariffs.

US crude dropped 74 cents to US$56.35 a barrel while Brent crude remained slipped 63 cents to US$60.67 a barrel.

In currencies, the ringgit moved 0.3% higher than the US dollar at 4.1830. It also gained 0.3% against the pound sterling at 5.0439 and 0.45% against the Singapore dollar at 3.0191.

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