KLCI pares the loss, tries to climb higher in line with the region

KUALA LUMPUR (August 1): The KLCI FBM minimized its mid-morning loss and attempted to climb higher than the gains recorded in most regional markets.

At 10:00, the KLCI FBM was down 0.03 points at 1,784.22. The index had previously slipped to a low of 1,777.58.

Gainers led the losers from 336 to 182, while 282 counters traded unchanged. The volume was 610.06 million shares worth RM309.04 million.

Decreases included Tenaga Nasional Bhd, Ajinomoto (M) Bhd, Eita Bhd Resources, Bhd Top Glove Corp., Genting Bhd and indexed Hang Seng warrants indexed in Malaysia.

Assets include Saphear Energy Bhd, Nova MSC Bhd, Bhd Priceworth International, Cuscapi Bhd, My EG Bhd Services, Bhd Energy Velesto, Bhd Opcom Holdings and Bhd APFT

Winners included Perusahaan Sadur Timah Malaysia Bhd (Perstima), United Plantations Bhd, Petronas Petroleum Bhd, British American Tobacco Bhd, LPI Capital Bhd and Hong Leong Bank Bhd.

Asian stocks advanced on Wednesday after gains on Wall Street, a report of renewed US-China talks have eased fears of war, but investors will continue to pay attention to data, according to Reuters .

World markets edged up on Tuesday, helped by a report by Bloomberg that the United States and China were seeking to resume trade negotiations to defuse import duties

Hong Leong IB Research in a brief of traders said in the United States, that any positive discussion between the United States and China could lead to a rise in short-term interest rates.

"Also, the better-than-expected report g season should be able to dampen any bearish movement on the Dow; the trading range will be between 24,500 and 25,500.

" We noticed that buying interest emerged yesterday after positive news flow related to the construction sector. "

" Similarly, foreigners became net buyers with an influx of RM343. 5 millions; "However, the dynamic oscillators suggest that the KLCI of FBM is overbought and that the rise could be limited around 1790-1800," he says.