Friday 29 Mar 2024
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KUALA LUMPUR (Aug 23): The FBM KLCI remained in positive territory at mid-morning today, in line with the regional gains, lifted by select blue chips and index-linked banking stocks.

At 9.55am, the FBM KLCI was up 0.95 points to 1,775.17.

The gainers included PPB Group Bhd, Panasonic Manufacturing Malaysia Bhd, RHB Bank Bhd, Hong Leong Bank Bhd, Inari Amertron Bhd, RCE Capital Bhd, UEM Edgenta Bhd, JHM Consolidation Bhd, Aeon Credit Service (M) Bhd and Power Root Bhd.

The actives included APFT Bhd, Luster Industries Bhd, Dagang NeXchange Bhd, Mlabs Systems Bhd, PUC Bhd, Inari, AirAsia X Bhd and Frontken Corp Bhd.

The losers included Hong Leong Financial Group Bhd, Fraser & Neave Holdings Bhd, Eita Resources Bhd, BP Plastics Holding Bhd, Focus Lumber Bhd, British American Tobacco (M) Bhd, APM Automotive Holdings Bhd, Tien Wah Press Holdings Bdh and Genting Plantations Bhd.

Asian stocks edged higher on Wednesday to extend a global rally spurred by gains for tech shares on Wall Street and miners in Europe, while the dollar was buoyant against the euro and yen ahead of a meeting of central bankers later in the week, according to Reuters.

Financial markets have been buffeted in recent weeks by heightened tensions on the Korean peninsula, turmoil in the White House and growing doubts about President Donald Trump's ability to fulfil his economic agenda, it said.

Hong Leong IB Research in a traders’ brief today said that in the US, it expects short term breather to set in after the recent surge.

“Also, with the upcoming Jackson Hole symposium taking place later this week, that might capped the upside move on the Dow around 22,200 as investors will wait for further cues on monetary policies.

“On the local front, we opine that the sentiments may recover further, tracking the positive performance on the overnight Wall Street.

“The FBM KLCI may revisit the 1,780 level. Meanwhile, technology stocks are likely to gain traction following Nasdaq's move, coupled with upbeat results from Inari,” it said.

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