KUALA LUMPUR (APRIL 26): The FBM KLCI clawed back to reverse its losses and close higher on Thursday in line with the advance at most key regional markets, on the back of the firmer overnight close at Wall Street and encouraging statements on policy from the US Federal Reserve.
The FBM KLCI rose 0.34 of a point to 1,579.69 at 5pm, clawing back from its intra-day low of 1,577.71.
Market breadth remained weak with 453 losers, 253 gainers and 321 counters trading unchanged. Volume was 1.45 billion shares valued at RM1.46 billion.
Asian shares rose on Thursday, retaining positive momentum as the Federal Reserve reassured markets it would keep its very accommodative stance to support growth, while optimism grew over strong quarterly corporate earnings.
Investor confidence was also boosted by a rally in Apple Inc shares as it reported quarterly profits nearly doubling on the back of soaring iPhone sales in China, lifting tech-heavy Asian markets such as Taiwan and South Korea earlier in the day.
There was scepticism Asian markets would climb as much as their global counterparts did overnight, however, as concerns remain over European banks, with Spain's Santander reporting its first-quarter results later in the session, it said.
At the regional markets, the Hong Kong’s hang Seng Index gained 0.79% to 20,809.71, Japan’s Nikkei 225 edged up 0.01% to 9,561.83, south Korea’s Kospi rose 0.10% to 1,964.04 and Singapore’s Straits Times Index
Meanwhile, Taiwan’s taiex fell 0.55% to 7,521.35 and the Shanghai Composite Index shed 0.09% to 2,40470.
On Bursa Malaysia, United Plantations led the gainers and was up 44 sen to RM25.94, Panasonic added 40 sen to RM23, BAT up 38 sen to RM55.50, Dutch Lady added 20 sen to RM33.90. Milux 15 sen to RM1.35, KrisAssets and Tradewinds Plantations up 14 sen each to RM6.90 and RM5.70, while Takaful and KPJ Healthcare rose 13 sen each to RM3.80 and RM5.56.
Utopia was the most actively traded counter with 194.51 million shares done. The stock fell half a sen to 9 sen.
Other actives included Ariantec, Metronic, Focus, Naim Indah Corp, SCL, Astral Supreme and ManagePay.
Decliners included Country View, Jaya Tiasa, HLFG, SapuraCrest, Petronas Dagangan, Genting, Kencana, SEGi and Sunway.