Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 14): The FBM KLCI extended its loss in the morning today in line with the weakness at most regional markets.

At 10am, the FBM KLCI fell 12.25 points to 1,627.89.

The top losers included Panasonic Malaysia Manufacturing Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Kuala Lumpur Kepong Bhd, SAM Engineering & Equipment Bhd, Malaysia Airports Holdings Bhd, Latitude Tree Holdings Bhd and Top Glove Corporation Bhd.

The actives included Red Sena Bhd, XOX Bhd, Instacom Group Bhd, Genetec Technology Bhd, Asia Media Bhd, The Media Shoppe Bhd, Tiger Synergy Bhd and Eden Inc Bhd.

The gainers included Scientex Bhd, Hong Leong Financial Group Bhd, Riverview Rubber Estates Bhd, Axis Real Estate Investment Trust, S P Setia Bhd and KPJ Healthcare Bhd.

Asian stocks slipped on Monday after Wall Street sank amid plunging crude oil prices, keeping investors on edge ahead of an expected US rate rise by the Federal Reserve later in the week, according to Reuters.

Encouraging Chinese indicators released over the weekend did little to improve the mood as the backdrop of a shakeout in commodities markets and fitful global growth sapped risk appetite. That underpinned the safe-haven US treasuries and weighed on the dollar, it said.

Hong Leong IB Research said the local market outlook for the week remains weak mainly due to lower crude oil prices and the ringgit as well as ahead of the FOMC meeting on Dec 15–16.

"On chart wise, 'Three Black Crows' candlestick pattern amid widening Bollinger band depicted more selling pressure ahead.

"Hence, investors are advised to stay alert and monitor for stop loss in the event of a further selldown in local stocks.

"Immediate supports are 1,633, 1,615 and 1,600 areas. Key resistances are 1,653, 1,660 and 1,674 (23.6% FR)," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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