Friday 29 Mar 2024
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KUALA LUMPUR (Jan 14): The FBM KLCI dipped in early trade this morning, tracking the mixed regional markets.

At 9.10am, the FBM KLCI dipped 0.61 points to 1,682.61.

The decliners included Bursa Malaysia Bhd, Petronas Chemicals Group Bhd, Gamuda Bhd, Rhone Ma Holdings Bhd, FACB Industries Bhd, SAM Engineering & Equipment Bhd, JF Technology Bhd and Genting Bhd.

Asian stocks were mixed on Monday, following the best week for regional stocks since the start of November, as investors awaited a raft of earnings and the January rally in risk assets showed signs of abating. The yuan edged lower after recent gains, according to Bloomberg.

Shares in Australia advanced, while South Korean stocks dipped and futures indicated a small decline when equity trading begins in Hong Kong. U.S. equity futures slipped after the S&P 500 on Friday closed flat and the yield on 10-year Treasuries declined. Japan is closed for a holiday, so Treasuries won’t trade until the London open, it said.

Kenanga IB Research said Asian markets ended mostly higher last Friday following overnight gains on Wall Street and as investors became more positive on the U.S. – China trade developments.

It said back home, the FBMKLCI gained 4.34 points (+0.26%) to close at 1,683.22, bringing week-on-week gain to 0.80%.

“The overall technical outlook continues to lean towards a downside bias as its shorter-term SMAs are still trading below its longer-term SMAs.

“Continued negative sentiment should see the index trend lower to its support levels at 1,615 (S1) and 1,600 (S2).

“Conversely, resistances can be identified at 1,700 (R1) and 1,750 (R2),” it said.

 

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