Friday 29 Mar 2024
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KUALA LUMPUR (March 5): The FBM KLCI fell 0.47% at mid-morning and slipped to below the 1,850-point level in line with the retreat at mosrt regional markets.

At 10am, the FBM KLCI lost 8.63 points to 1,847.44.

Losers led gainers by 450 to 167, while 293 counters traded unchanged. Volume was 548.33 million shares valued at RM341.33 million.

The top losers included Hengyuan Refining Company Bhd, Petronas Dagangan Bhd, Press Metail Aluminium Holdings Bdh, KESM Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Hong Leong Financial Group Bhd, PM Technology Bhd, Carlsberg Brewery Malaysia Bhd and Hong Leong Bank Bhd.

The actives included Daya Materials Bhd, Sumatec Resources Bhd, UMW Oil & Gas Corp Bhd, Sino Hua-An International Bhd, PUC Bhd, HB Global Ltd, AirAsia X Bhd and Malaysia Steel Works (KL) Bhd.

The gainers included Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Ornapaper Bhd, Asia File Corp Bhd, Tan Chong Motor Holdings Bhd, Aeon Co (M) Bhd, Kobay Bhd, MBM Resources Bhd, Muda Holdings Bhd and British American Tobacco (M) Bhd.

Asian shares hovered near 2-1/2 week lows and the safe-haven yen rose on Monday amid fears of a global trade war, while the euro pared gains as investors worried Italy's national elections could deliver an anti-establishment government, according to Reuters.

Italy's poll produced no outright winner on Sunday, according to exit polls that pointed to possible political gridlock, with voters backing anti-establishment and far-right parties in record numbers, it said.

Hong Leong IB Research in a traders’ brief said the impact from the recent events such as the Fed Powell's testimony in the Congress and President Trump's steel tariffs episode could put further pressure on the global markets as investors may switch from stocks to bonds.

“The Dow may be capped along the 25,000 psychological level over the near term.

“Similarly, stocks on the local front are likely to extend the sideways consolidation phase on the back of uncertain actions from Donald Trump that may turn into a trade war.

“Moreover, investors may continue their profit taking activities on steel and aluminium producers. The KLCI is likely to range between 1,850-1,865,” it said.

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