Friday 29 Mar 2024
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KUALA LUMPUR (Jan 29): The FBM KLCI dipped 0.54% at mid-morning on Thursday, in line with the decline at most regional markets and the overnight slump at Wall Street.

At 10.01am, the FBM KLCI fell 9.58 points to 1,786.30.

The ringgit weakened 0.43% versus the US dollar and was quoted at 3.6340.

The top losers included Petronas Gas, Tenaga Nasional Bhd, Kuala Lumpur Kepong Bhd, Tenaga Nasional Bhd, AMMB Holdings Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd, Genting Malaysia Bhd and Genting Bhd.

The actives included Hubline Bhd, Jobstreet Corporation Bhd, Sanichi Technology Bhd, Talam Transform Bhd, Asia Bioenergy Technologies Bhd, Systech Bhd and Dagang Nexchange Bhd.

The top gainers included LPI Capital Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Hap Seng Plantations Bhd, Malaysia Airports Holdings Bhd, Perak Corporation Bhd and Hartalega Holdings Bhd.

Asian shares retreated on Thursday after the Federal Reserve unexpectedly lifted its view on the economy, signalling that the U.S. central bank remains firmly on track with plans to raise interest rates this year, according to Reuters.

The Fed said falling energy prices boosted household purchasing power, even as it acknowledged a decline in certain inflation measures and added international developments would be taken into consideration, it said.

Hong Leong IB Research said in the wake of Dow’s near term corrective moves, the FBM KLCI may witness further consolidation with supports at 1770-1780 zones, given the weakening indicators.

“Sentiment could also be dampened by the re-emergence of geopolitical risk in Ukraine, uncertainty caused by renegotiations between new anti-austerity Greece government and international lenders, and depressed oil prices and Ringgit outlook,” it said.

 

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