Friday 29 Mar 2024
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KUALA LUMPUR (Dec 9): The FBM KLCI pared some of its losses but the broader market remained in consolidation mode as sentiment stayed bearish.

At 12.30pm, the FBM KLCI was down 3.62 points to 1,737.22. The index had earlier fallen to its intra morning low of 1,730.77.

Market breadth was negative with 550 losers against 155 gainers, while 236 counters traded unchanged. Volume was 768.35 million shares valued at RM752.93 million.

The top losers included Nestle (M) Bhd, Aeon Credit Services (M) Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Tasek Corporation Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, PPB Group Bhd, Press Metal Bhd and Tambun Indah Land Bhd.

Compugates Holdings Bhd was the most actively traded counter with 41.01 million shares done. The stock rose 10% or half a sen to 5.5 sen.

The other actives included Privasia Technologies Bhd, Sumatec Resources Bhd, Perisai Petroleum Teknologi Bhd, Bumi Armada Bhd, Boustead Holdings Bhd and SapuraKencana Petroleum Bhd.

The top gainers included Hong Leong Capital Bhd, British American Tobacco (M) Bhd, Panasonic Malaysia Manufacturing Bhd, Telekom Malaysia Bhd, Karex Bhd, MISC Bhd and Public Bank Bhd.

Southeast Asian markets fell on Tuesday as energy shares extended losses after crude oil dived to new five-year lows but bargain-hunting emerged in shares of airlines, which are seen to benefit from lower oil prices, according to Reuters.

Oil and gas shares and commodities stocks led top losers on regional indexes,including Malaysia's Sapurakencana Petroleum, Singapore's Olam International, Thailand's PTT and Indonesia's Indo Tambangraya Megah, it said.

BIMB Securities Research said Asian equities were mostly lower on Monday as outflow of foreign funds persisted.

It said that locally, the FBM KLCI lost a further 8.53 points yesterday to close at 1,740.84.

“The local benchmark index had lost around 80 points since the beginning of December as foreign funds continue their selldown with net outflow totalled of about RM1.13 billion.

“We reckon the local bourse is to experience a prolonged consolidation amid an oversold situation,hence, we are maintaining our year-end FBM KLCI target at 1,760 with the immediate resistance at 1,750 level,” it said.

 

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