Friday 29 Mar 2024
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KUALA LUMPUR (Jan 28): The FBM KLCI pared some of its loss at mid-morning on Wednesday but remained on consolidtaion mode.

At 10am, the index was down 4.13 points to 1,799.04. It had earlier dipped to 1,790.02.

The top losers included Nestle (M) Bhd, Hong Leong Bank Bhd, UMW Holdings Bhd, KLCC Property Holdings Bhd, PPB Group Bhd, Petronas Chemicals Group Bhd, Cahya Mata Sarawak Bhd, Lafarge Malaysia Bhd and Maxis Bhd.

The actives included Asia Bioenery Technologies Bhd, KNM Group Bhd, Benalec Holdings Bhd, Sanichi Technologies Bhd, Systech Bhd and Hubline Bhd.

The gainers included Dutch Lady Milk Industries Bhd, Vitrox Corporation Bhd, Panasonic Malaysia Manufacturing Bhd, Hartalega Holdings Bhd,VS Industry Bhd, Pos Malaysia Bhd and Mudajaya Holdings Bhd.

Asian stock markets followed Wall Street into the red early on Wednesday, while the euro managed a rare rally on speculation the Federal Reserve could take a dovish turn in its post-meeting statement later in the session, according to Reuters.

Apple Inc provided some relief after the bell as record sales of its iPhone line helped it beat expectations, sending its stock up 5 percent, it said.

But earnings from other majors generally disappointed, with multinationals from DuPont to Microsoft Corp complaining that a strong U.S. dollar was hurting profits, said Reuters.

Hong Leong IN Research said that in the wake of overnight Dow’s 1.7% plunge, the FBM KLCI may witness near term consolidation with supports at 1793 (30-h SMA) and 1783 (23.6% FR), given the increasingly overbought daily indicators.

“Sentiment could also be dampened by the re-emergence of geopolitical risk in Ukraine, uncertainty caused by renegotiations between new anti-austerity Greece government and international lenders, and ahead of the 27-28 Jan U.S. FOMC meeting,” it said.

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