KLCI rebounds in line with modest regional gains

KUALA LUMPUR (Feb 19): The FBM KLCI rebounded in early trade this morning, in line the modest gains at regional markets.

At 9.05am, the FBM KLCI added 2.39 points to 1,539.47.

The gainers included Dutch Lady Milk Industries Bhd, United Plantations Bhd, G3 Global Bhd, Petronas Gas Bhd, KKB Engineering Bhd, SAM Engineering & Equipment Bhd, UWC Bhd, MISC Bhd and Hengyuan Refining Company Bhd.

Bloombergsaid stocks in Asia chalked up modest gains on Wednesday after the biggest daily decline in almost three weeks, with investors continuing to assess prospects for the coronavirus impact to prove short-lived.

Treasuries held gains, and the yuan continued to trade weaker than 7 per dollar offshore, pointing to enduring concerns about the economic damage from the epidemic. But equities were firmer in Japan and South Korea; Australia saw more modest gains. The Apple Inc. sales warning that had triggered Tuesday’s sell-off proved to have a fading impact as the Wall Street session progressed; the company itself closed off its lows, it said.

JF Apex Securities Research said US markets ended mixed with the Dow and S&P falling and the Nasdaq eked out slight gains to extend its record high as Apple issued a profit warning as a result of the coronavirus outbreak.

It said that earlier, European stocks declined on concerns of economic slowdown after Apple said it may miss its revenue forecast.

“On the local market, the FBM KLCI was flat after shedding 0.04 points to 1537.08 points.

“Following the lacklustre performances in the US and Europe, the FBM KLCI could remain pressured with support at 1520 points,” it said.