Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Feb 12): The FBM KLCI drifted lower at midday break today, despite firmer regional markets, as key blue chips including Tenaga Nasional Bhd, Public Bank Bhd and Press Metal Aluminium Holdings Bhd dragged the local index lower.

At 12.30pm, the FBM KLCI shed 2.45 points to 1,686.11.

Gainers trailed losers by 348 to 367, while 1,138 counters traded unchanged. Volume was 1.49 billion shares valued at RM839.84 million.

Decliners included Heineken Malaysia Bhd, British American Tobacco (M) Bhd, Eastern & Oriental Bhd, Nestle (M) Bhd, Ajinomoto (M) Bhd, Latitude Tree Holdings Bhd, Tenaga Nasional, Petronas Chemicals Group Bhd, Public Bank and Press Metal.

The actives included Seacera Group Bhd, Barakah Offshore Petroleum Bhd, Sapura Energy Bhd, Bumi Armada Bhd, Orion IXL Bhd, Prestariang Bhd, Priceworth International Bhd and Ikhmas Jaya Group Bhd.

Gainers included Fraser & Neave Holdings Bhd, Batu Kawan Bhd, Dutch Lady Milk Industries Bhd, Petron Malaysia Refining & Marketing Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd, Hengyuan Refining Company Bhd, Syarikat Takaful Malaysia Keluarga Malaysia and Carlsberg Brewery Malaysia Bhd.

Asian shares edged up on Tuesday, as investors hoped a new round of U.S.-China trade talks would help resolve a dispute that has dented global growth and some corporate earnings, according to Reuters.

Improving market sentiment was news U.S. lawmakers reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday (Feb 16). The S&P 500 e-mini futures were up more than 0.5%, it said.

Affin Hwang Capital Research said the FBM KLCI Index fell early in the session but subsequently managed to claw back losses, closing 2.04 points or 0.12% higher on Monday.

It said a small “doji” (candle-stick pattern) was formed on the EMA20d, indicating potential presence of buyers at that level.

“Technical indicators are suggesting that the FBMKLCI has a high tendency to surge higher. However, this has not materialised as anticipated.

“The market as a whole is only able to stage a weak rebound and still unable to break the 1700 level convincingly.

“Anticipate the FBM KLCI Index to congest sideways with downward biases,” the research house said.

      Print
      Text Size
      Share