Friday 29 Mar 2024
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KUALA LUMPUR (Dec 21): The FBM KLCI closed up 19.72 points or 1.19% today after fund managers' year-end window dressing continued. At 5pm, the KLCI settled at 1,670.28, led by Sime Darby Plantation Bhd's share rise.

Sime Darby Plantation shares rose 43 sen or 9.86% to RM4.79 to become the largest gainer, in percentage terms, among the KLCI's 30 stocks.

Across Bursa Malaysia, 1.75 billion shares were traded for RM1.89 billion. Top gainers included KLCI stocks Tenaga Nasional Bhd, Petronas Dagangan Bhd and Sime Darby Plantation.

On the KLCI, TA Securities Holdings Bhd technical analyst Steven Soo told theedgemarkets.com over telephone: "Expecting between the 1,700 and 1,730 levels next week. If there is a pullback, then I would expect between the 1,630 and 1,650 levels."

Across Asian share indices, Japan's Nikkei 225 closed 1.11% lower while the Shanghai Stock Exchange Composite declined 0.79%. South Korea's Kospi and Hong Kong's Hang Seng erased losses to end 0.07% and 0.51% higher respectively.

Reuters reported that global stocks extended a steep sell-off on Friday as the threat of a US government shutdown and of further hikes in US borrowing costs sent dismayed investors scurrying for safer assets.

In Malaysia, Soo said Asian markets may also be in window-dressing mode. He noted that external sentiments are weaker on geopolitical and US interest rate hike concerns.

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