Friday 29 Mar 2024
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KUALA LUMPUR (Nov 12): The FBM KLCI pared some of its loss at the midday break on Wedneday, but remained below the 1,830-point resistance level.

At 12.30pm, the local index fell 4.44 points to 1,820.67. It had earlier fallen to a low of 1,818.89.

The top losers included Aeon Credit Service (M) Bhd, Syarikat Takaful Malaysia Bhd, Hong Leong Financial Group Bhd, Lafarge Malaysia Bhd, AMMB Holdings Bhd, Public Bank Bhd, Press Metal Bhd, Malaysian Pacific Industries Bhd, Panasonic Manufacturing Malaysia Bhd and PPB Group Bhd.

Minetech Resources Bhd was the most actively traded counter with 84.56 million shares done. The stock jumped 6.67% or one sen to 16 sen.

The other actives included Nova MSC Bhd, Technodex Bhd, IFCA MSC Bhd, Perisai Petroleum Teknologi Bhd, Jaks Resources Bhd and Tiger Synergy Bhd.

The gainers included Danainfra Nasional Bhd, IJM Corporation Bhd, Nestle (M) Bhd, Puncak Niaga Holdings Bhd, MSM Malaysia Holdings Bhd, Genting Plantations Bhd, Hong Leong Industries Bhd, Ibraco Bhd and KSL Holdings Bhd.

Lee Cheng Hooi, Maybank IB head of retail research and chief chartist, in a note to clients Wednesday said the FBM KLCI fell 2.82 points to 1,825.11 yesterday, while the FBMEMAS and FBM100 also closed lower by 44.66 points and 40.61 points, respectively.

He said that in terms of market breadth, the gainer-to-loser ratio was 244-to-623 while 266 counters were unchanged.

A total of 2.25 billion shares were traded valued at RM1.86 billion, he said.

Lee said major Asian indices rose as the Japanese yen extended losses against the US dolar and corporate earnings beat estimates while emerging markets fell on weaker currencies and softer energy shares.

“We recommend a 'Sell on Rallies' stance for the index. The KLCI Nov Futures moved into a large 4.89-point premium against the FBMKLCI.

“We expect weak buying at the supports of 1,800 to 1,823, whilst heavy profit-taking would be at the resistances of 1,825 and 1,850. The index may be volatile and unstable after last week’s rampant foreign selling activities,” he said.

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