Saturday 04 May 2024
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KUALA LUMPUR (May 26): The FBM KLCI edged up in early trade this morning and looked poised to the end the week on a firmer note.

At 9.10am, the FBM KLCI rose 0.98 points to 1,774.94.

The early gainers included Kuala Lumpur Kepong Bhd, Tong Herr Resources Bhd, Hong Leong Bank Bhd, Petron Malaysia Refining & Marketing Bhd, Time Dotcom Bhd, Lion Industries Bhd, Sime Darby Bhd, Alliance  Financial Group Bhd and RHB Bank Bhd.

Crude prices remained subdued early on Friday after an agreement by OPEC to extend existing supply curbs disappointed many who had hoped for larger cuts, according to Reuters.

Asian stocks dropped, turning away from Wall Street's strong performance overnight, it said.

JF Apex Securities Research in a market preview today said US markets advanced overnight with the S&P and Nasdaq hitting record highs after being lifted by tech counters.

It said that earlier, European stocks ended slightly lower as oil prices declined following OPEC's decision to extend its production cuts.

“On the local market, the FBM KLCI closed 2.95 points higher at 1773.96 points after coming off an intra-day high of 1782.54 points.

“Following the mixed performance in the US and Europe, the FBM KLCI is expected to remain directionless and hover below the resistance of 1785 points,”it said.

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