Saturday 22 Jun 2024
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KUALA LUMPUR (Oct 21): The FBM KLCI rose 1.69 points or 0.1% following overnight US market gains and ahead of China's gross domestic product announcement today.

Malaysia's KLCI was traded at 1,804.83 at 9.02am on gains in stocks like IHH Healthcare Bhd and RHB Capital Bhd.

Despite the KLCI's rise, analysts are still mindful of local market volatility.

"With positive sentiment over the US and region, we expect the local market to trend higher today but investors are advised to remain cautious given the increasing volatility of the local market.

"Expect to see (KLCI's) immediate resistance at 1,805/10," BIMB Securities Sdn Bhd wrote in a note today.

Yesterday, the KLCI rose 14.83 points or 0.8% to settle at 1,803.14. Today, BIMB said trading participation yesterday saw net buying from local institutional investors but domestic retail investors and foreign institutions were net sellers.

Today, Bursa Malaysia saw some 33 million shares worth RM13 million changed hands. There were 104 gainers versus 56 decliners.

The top gainer was Fitters Diversified Bhd warrant while leading decliner was DKSH Holdings (M) Bhd.

The most-active stock was Minetech Resources Bhd.
Across Asia, Japan's Nikkei 225 fell 0.41% while South Korea's Kospi declined 0.66%.
Austalia's S&P/ASX 200, however, rose 0.25%

Reuters reported that Asian stocks balked at the starting gate on Tuesday, as investors looked past solid gains on Wall Street overnight to Chinese economic growth figures due later in the session.

Data due at 0200 GMT is expected to show that China's economy grew at its weakest pace in more than five years in the third quarter as a property downturn weighed on demand, raising the chances of more aggressive policy steps from the government.

China will also release data on industrial output and retail sales for September.

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