Friday 29 Mar 2024
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KUALA LUMPUR (Nov 19): The FBM KLCI remained firmly in the black at mid-morning on Wednesday, lifted by gains including at Genting-linked stocks and heavyweights Tenaga Nasional Bhd and Telekom Malaysia Bhd.

At 10am, the FBM KLCI gained 5.35 points to 1,823.73.

The top gainers included United Plantations Bhd, Guiness Anchor Bhd, Genting Bhd, Tenaga, Telekom, Pos Malaysia Bhd, Genting Plantations Bhd and Kian Joo Can Factory Bhd.

The actives included Nexgram Holdings Bhd, Technodex Bhd, Systech Bhd, IFCA MSC Bhd, TH Heavy Engineering Bhd, Iris Corporation Bhd and Sumatec Resources Bhd.

The top losers included KLCC Property Holdings Bhd, Hong Leong Bank Bhd, Bousted Heavy Industries Corporation Bhd, Tasek Corporation Bhd, Kuala Lumpur Keong Bhd, Lafarge Malaysia Bhd and IGB Corporation Bhd.

Regionally, Japanese stocks rose on Wednesday as investors held out hope for more robust growth after Prime Minister Shinzo Abe delayed a tax hike and called an early election to seek a fresh mandate for his aggressive policies to shore up the economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was a touch lower while Japan's Nikkei rose 0.6 percent after Abe's announcement late on Tuesday, it said.

Hong Leong IB Research said that technically, the strong rebound yesterday had injected some positive momentum to the market, supported by expectations of traditional year-end end Nov/Dec window dressing activities and bottom-up technical oscillators.

It said further upside targets were 1823 (38.2% FR) and 1836 (23.6% FR).

“Stiff resistance is situated at 1850 (downtrend line and 200- SMA).

“Short term supports are 1812 (50% FR) and 1800,” it said.

 

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