Friday 29 Mar 2024
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KUALA LUMPUR (April 18): The FBM KLCI dipped 0.2% at the midday break today as sellers outpaced buyers at the local bourse.

At 12.30pm, the FBM KLCI shed 3.75 points to 1,876.74.

Sellers led buyers by 379 to 179, while 519 counters traded unchanged. Volume was 1.31 billion shares valued at RM793.09 million.

The decliners included KESM Industries Bhd, Petron Malaysia Refining & Marketing Bhd, British American Tobacco (M) Bhd, Kossan Rubber Industries Bhd, Dutch Lady Milk Industries Bhd, Sarawak Consolidated Industries Bhd, Hengyuan Refining Co Bhd, Malaysian Pacific Industries Bhd and Hong Leong Financial Group Bhd.

The actives included Sapura Energy Bhd, SKH Consortium Bhd, PUC Bhd, Hubline Bhd, Iris Corp Bhd, UMW Oil & Gas Corp Bhd, Hibiscus Petroleum Bhd and Borneo Oil Bhd.

The gainers included Far East Holdings Bhd, United Malacca Bhd, Nestle (M) Bhd, DKSH Holdings (M) Bhd, Lafarge Malaysia Bhd, Aeon Credit Service (M) Bhd, Cocoaland Holdings Bhd, Petronas Dagangan Bhd and Supermax Corp Bhd.

Asian shares crept ahead on Wednesday after Wall Street took heart from upbeat corporate earnings, though nagging concerns about trade barriers and the global growth outlook kept currencies and bonds subdued, according to Reuters.

Chinese markets also struggled even as Beijing boosted liquidity in the banking system. After opening up, Shanghai blue chips soon turned 0.2% lower, it said.

Affin Hwang Capital Research said US stocks rallied for a second day amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits.

"For local market, stocks in Bursa Malaysia seem firming up well after going through great correction behind steady FBM KLCI Index.

"Technically, current surge in crude oil prices, weakening of US dollar thus stronger ringgit and Malaysia's election year rally might offer more bullish surprises to the market this year beyond market expectation. Accumulate quality stocks on price weakness," it said.

 

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