Friday 29 Mar 2024
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KUALA LUMPUR (March 29): The FBM KLCI eked out marginal gains at the midday break today as regional markets mostly sagged.

At 12.30pm, the FBM KLCI was up 0.12 points at 1,857.99. The index had earlier risen to its intra-morning high of 1,860.56.

Losers beat gainers by 368 to 184, while 519 counters traded unchanged. Volume was 936.77 million shares valued at RM738.92 million.

The gainers included Heineken Malaysia Bhd, Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Tenaga Nasional Bhd, Cycle & Carriage Bintang Bhd, Bursa Malaysia Bhd and Lotte Chemical Titan Holding Bhd.

The actives included Sapura Energy Bhd, D.B.E. Gurney Resources Bhd, Iris Corp Bhd, Perisai Petroleum Teknologi Bhd, Ekovest Bhd, Dagang NeXchange Bhd and Press Metal Aluminium Holdings Bhd.

The decliners included British American Tobacco (M) Bhd, Press Metal, Globetronics Technology Bhd, Malaysian Pacific Industries Bhd, UMW Holdings Bhd, Genting Plantations Bhd and MSM Malaysia Holdings Bhd.

Asian stocks sagged on Thursday after a tech-led retreat on Wall Street while the safe haven yen was broadly lower against the US dollar on Thursday amid perceived progress on North Korea issues, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% lower after swerving in and out of negative territory, it said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said global investors continued to "de-FAANG" (Facebook, Apple, Alphabet, Netflix, Google) their portfolio as pessimism surrounding technology sector escalates.

"The S&P 500 index fell by 0.3% to 2,605.00. The Dow lost 9.29 points to 23,848.42.

"Meanwhile, stocks in Bursa Malaysia expected to consolidate further whilst index-link stocks and selected large quality stocks are likely to trade sideways with upward bias.

"Volatility expected to continue not only in the equity market but also in commodity and currency markets," he said.

 

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