Friday 29 Mar 2024
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KUALA LUMPUR (June 2): The FBM KLCI edged up at mid-morning today, lifted by select blue chips, reversing its earlier loss.

At 10am, the FBM KLCI edged up 0.45 points to 1,626.95.

The gainers included Nestle (M) Bhd, Batu Kawan Bhd, Lii Hen Industries Bhd, Pestech International Bhd, SAM Engineering & Equipment Bhd, AirAsia Bhd, Public Bank Bhd, Fraser & Neave Holdings Bhd, Amway (M) Holdings Bhd and Power Root Bhd.

The actives included Mexter Technology Bhd, O&C Resources Bhd, AirAsia, AirAsia X Bhd, LKL International Holdings Bhd, APFT Bhd and Vivocom International Holdings Bhd.

The top losers included British American Tobacco (M) Bhd, Versatile Creative Bhd, DKSH (M) Holdings Bhd, Ajinomoto (Malaysia) Bhd, O&C, Oriental Food Industries Bhd and WZ Satu Bhd.

Asian shares were steady on Thursday as Wall Street eked out modest gains after the latest batch of U.S. data provided few clues on when the Federal Reserve might raise rates, while a resurgent yen pressured equity markets in Japan, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trading, it said.

Hong Leong IB Research said traders are likely to stay cautious, and on 'wait and see' mode as local market is expected to remain choppy and volatile today, ahead of the ECB interest rate decision and US economic data, which may give some clues on likelihood of US interest rate hike.

“Moreover, local earnings result jitters may weigh down on market consensus for the KLCI year-end target.

“Despite the lackluster local sentiment, we are of the opinion that export-oriented stocks may gain strong buying momentum.

“The anticipation of higher likelihood of US interest rate hike in June is likely to translate into weaker Ringgit against USD, hence putting export-oriented stocks back in the spotlight,” it said.

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