Market Close KLCI rebounds as Asian markets rise

by **Cals** Wed 23 Jul 2014, 01:32

Market Close KLCI rebounds as Asian markets rise

Business & Markets 2014

Written by Chong Jin Hun of theedgemalaysia.com

Tuesday, 22 July 2014 17:16

KUALA LUMPUR (July 22): The FBM KLCI erased early gains to fall into the red before finishing in positive territory. The KLCI, which ended 2.72 points or 0.2% higher at 1871.36 at 5pm, had tracked substantial gains across Asian markets.

The KLCI rose on gains in stocks like Genting Bhd and Hong Leong Financial Group Bhd. Analysts said investors had digested Malaysian corporate financial results and geo-political conflicts in Ukraine and the Middle East.

"Investors are eyeing Malaysian corporate financial results," Kenanga Investment Bank Bhd research head Chan Ken Yew told theedgemalaysia.com over telephone today.

From a technical viewpoint, Chan said, as long as the KLCI stayed below the 1,875-point level, the index was seen as "negatively bias".

Maxis Bhd reported today a 16% fall in second quarter net profit from a year earlier as less voice and sms usage dragged the mobile telecommunication network operator's revenue lower. Higher administrative, network operation, and finance expenses had also curbed profit.

Maxis' net profit fell to RM446 million in the second quarter ended June 30, 2014 (2QFY14) from RM528 million. Revenue declined to RM2.08 billion from RM2.29 billion.

This Thursday (July 24), Malaysia Airports Holdings Bhd will announced its second quarter financials, the airport operator said in a statement.

Today, Bursa Malaysia saw 2.57 billion shares worth RM2.07 billion changing hands. There were 471 gainers versus 383 decliners.

Top gainers included Nestle (M) Bhd and SHL Consolidated Bhd while the leading decliner was Petronas Dagangan Bhd. The most-active stock was Malaysian Airline System Bhd.

Elsewhere in the region, Asian markets rose with Japan's Nikkei climbing 0.84%, South Korea’s Kospi adding 0.52%. Hong Kong's Hang Seng rising 1.69%.

Reuters reported that Asian stocks touched a three-year peak on Tuesday, despite lingering concerns about crises in Ukraine and Gaza, while the yen eased against the dollar and the euro.

"It certainly seems the battle between geopolitical risk and U.S. earnings is in play at the moment and we'll continue to see a tug of war in the near term," IG Market strategist Stan Shamu said in a note to clients.