KLCI pares gains as regional markets dip

KLCI pares gains as regional markets dip
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KUALA LUMPUR (Feb 23): The main index at Bursa Malaysia pared some of its gains at mid-morning today, as regional markets dipped.

At 10.10am, the FBM KLCI was up 4.51 points to 1,574.97. The index had earlier risen to a high of 1,580.68.

Gainers led losers by 455 to 392, while 444 counters traded unchanged. Trading volume was 3.62 billion shares valued at RM1.49 billion.

The top gainer was newly-listed Mobilia Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Pimpinan Ehsan Bhd, Heineken Malaysia Bhd, Hengyuan Refining Company Bhd, Petronas Gas Bhd, Industronics Bhd, Hap Seng Consolidated Bhd and Padini Holdings Bhd.

The actively traded stocks included AirAsia X Bhd, Mobilia, DGB Asia Bhd, Dynaciate Group Bhd, AirAsia Group Bhd, Velesto Energy Bhd, Key Alliance Group Bhd and Hubline Bhd.

The decliners included Tong Herr Resources Bhd, Amtel Holdings Bhd, Latitude Tree Holdings Bhd, Tasco Bhd, Milux Holdings Bhd and Pos Malaysia Bhd.

Reuters said Asian stocks dipped on Tuesday as rising US Treasury yields and inflation prospects led to a further rotation out of the big tech stocks responsible for a major Wall Street rally during the pandemic.

The Australian S&P/ASX 200 fell 0.11% and South Korea's Kospi declined 0.87% in early trading. Hong Kong's Hang Seng index futures rose 0.54%. Japanese markets are closed for a public holiday on Tuesday, it said.

JF Apex Research said US markets ended mixed overnight with the Dow posting slight gains while the S&P and Nasdaq declined following losses in technology counters and rising bond yields.

It said that earlier, European stocks closed lower as 10-year US Treasury yield continues to climb.

“On the local market, the FBM KLCI dropped 14.47 points or 0.91% to 1,570.46 points.

“Following the negative sentiment in the US and Europe, the FBM KLCI could remain pressured with immediate support at 1,560 points,” it said.