Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Oct 19): The FBM KLCI erased gains after opening in positive territory following analysts' comments that the index had earlier fallen below the 1,750-point crucial-support level.

At 9:10am, the KLCI fell 0.3 point to 1,748.69 points as Malaysian markets resumed trading following the Deepavali holiday yesterday. On Tuesday, the KLCI closed 5.38 points lower at 1,748.99 points.

Across Bursa Malaysia today, 247.54 million shares worth RM99.27 million were traded. There were 177 gainers and 115 decliners.

"We think markets could be pricing in most of the upbeat US earnings results and Wall Street may continue its uptrend move over the near term," Hong Leong Investment Bank Bhd analyst Loui Low Ley Yee wrote in a note today.

"On the local front, since the KLCI has violated below the 1,750 support level, stocks may trade on a downward bias mode. That said, trading activities may be seen on O&G stocks with Brent crude oil prices hovering near the US$58 level. In the near term, investors may opt to wait for more clues on Budget 2018 next week and the 3Q reporting season which will be due in November," Low said.

      Print
      Text Size
      Share