Thursday 28 Mar 2024
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KUALA LUMPUR (March 22): The FBM KLCI inched closer to the 1,870-point level at mid-morning, lifted by gains at key banking stocks and select index-linked blue chips.

At 10am, the FBM KLCI gained 3.79 points to 1,869.59.

Gainers led losers by 282 to 207, while 290 counters traded unchanged. Volume was 709.96 million shares valued at RM283.45 million.

The top gainers included Nestle (M) Bhd, Public Bank Bhd, PPB Group Bhd, Petron Malaysia Bhd, MMS Ventures Bhd, Atlan Holdings Bhd, British American Tobacco (M) Bhd, Malayan Banking Bhd and Pos Malaysia Bhd.

The active included Sapura Energy Bhd, Sumatec Reources Bhd, SKH Consortium Bhd, D.B.E. Gurney Resources Bhd, Nexgram Holdings Bhd, Daya Materials Bhd, UMW Oil & Gas Corp Bhd, Panpages Bhd and Hibiscus Petroleum Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Globetronics Technology Bhd, LPI Capital Bhd, Ibraco Bhd, AirAsia Bhd, United Plantations Bhd and MISC Bhd.

The U.S. dollar was on the defensive on Thursday after posting its largest loss in two months when the Federal Reserve turned out to be less hawkish than anticipated, according to Reuters.

Worries about a potential trade war between China and the United States kept gains in Asian shares in check, it said.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, with South Korea's Kospi hitting six-week high, while Japan's Nikkei gained 0.2 percent in early trade, said Reuters.

Hong Leong IB Research in a traders’ brief said that in the US, investors will need to further digest Fed's chair statements before committing further into equities as statements have changed from strong to moderate economic growth since December's FOMC meeting.

“Hence, the Dow may range between the 24,500-26,000 levels over the near term.

“On the local front, we expect a mild pullback on the FBM KLCI, tracking the negative tone in the US.

“However, we think the index heavyweights will be well cushioned by buying support from the local institutions ahead of the GE14.

“Also, with the EIA releasing data on the surprise drop of US crude stockpiles, it could improve trading interest among O&G stocks on the back of the strong recovery in crude oil prices,” it said.

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