At 12.30pm, the FBM KLCI was 1.94 points higher at 1,258.52 from yesterday’s close of 1,256.58.
After opening 2.15 points easier at 1,254.43 this morning, the benchmark index moved between 1,252.86 and 1,275.23 during the morning session.
However, on the broader market, losers edged gainer 492 to 265, with 276 counters unchanged, 983 not traded and 16 others suspended.
Turnover amounted to 1.48 billion shares worth RM1.09 bil.
In a note, Maybank IB Research said overnight gains on Wall Street lifted market sentiment, which sparked bargain-hunting in the domestic market.
“Technically, we expect the FBM KLCI to range between 1,230 and 1,320 today. Downside supports are at 1,240 and 1,130,” it added.
Wall Street rebounded last night, helped by the White House backing of a US$850 bil federal stimulus plan and a US Federal Reserve move to backstop the commercial paper market by providing short term funding to businesses hit by the Covid-19 pandemic.
The Dow Jones Industrial Average closed 5.2% higher at 21,237.31, while the S&P 500 index added 6% to close at 2,529.19 and the Nasdaq Composite Index closed up 6.2% at 7,334.78.
Meanwhile, another dealer said some traders on the local market were seen taking profits off the table, especially among the lower-liners, amid the ongoing volatility and uncertainties.
On the broader market, he said it is likely that market players would remain cautious and defensive until there is a clearer change in the market’s direction.
Among the heavyweights, Maybank added two sen to RM7.38, Tenaga rose 18 sen to RM11.42, Public Bank declined 16 sen to RM13.74 and IHH gained 23 sen to RM4.91.
Among the actives were ACE Market debutant, electrical products and accessories distributor ACO Group Bhd, which fell eight sen to 20 sen with 412.11 million shares traded.
At the opening bell, it declined eight sen from its issue price of 28 sen with 6,000 shares traded.
Other actives were Borneo Oil, which was flat at 1.5 sen, while Bumi Armada eased half-a-sen to 13.5 sen and Dagang Nexchange declined 1.5 sen to 7.5 sen.
Consumer products and services stocks dominated the top gainers’ list, with Nestle up 60 sen to RM136.10, Ajinomoto 56 sen to RM11.76, PPB Group 54 sen to RM16.28 and Dutch Lady 40 sen higher at RM38.
Among top losers were Batu Kawan, which fell 40 sen to RM13, Vitrox down 36 sen to RM7.11, AEON Credit which fell 33 sen to RM9.47 and Hap Seng which slipped 31 sen to RM7.19. — March 18, 2020, Bernama