Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 18): The FBM KLCI reversed its earlier gains and fell at mid-morning as sellers outpaced buyers.

At 10am, the FBM KLCI dipped 2.58 points to 1,826.05.

Losers led gainers by 429 to 176, while 364 counters traded unchanged. Volume was 1.28 billion shares valued at RM439.41 million.

The top losers included Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Petronas Gas Bhd, British American Tobacco (M) Bhd, Hatalega Holdings Bhd, KESM Industries Bhd, Kluang Rubber Company (Malaya) Bhd, Aeon Credit Service (M) Bhd and Sarawak Oil Palms Bhd.

The actives included Sumatec Resources Bhd, UMW Oil & Gas Corp Bhd, Sapura Energy Bhd, Diversified Gateway Solutions Bhd, Sino Hua-An International Bhd, Perisai Petroleum Teknologi Bhd, NetX Holdings Bhd, Xinghe Holdings Bhd and PUC Bhd.

The gainers included Nestle (M) Bhd, Hong Leong Industries Bhd, Parlo Bhd, Cycle & Carrriage Bintang Bhd, Lysaght Galvanized Steel Bhd, Hong Leong Bank Bhd and TRIplc Bhd.

Asian stocks were near record highs on Thursday, with a rally by Wall Street supporting bullish investor sentiment, while the dollar pulled back from three-year lows as the euro's recent rally lost steam, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.16 percent higher at 595.53, near the previous day's record high of 595.80, it said.

Hong Leong IB Research in a traders’ brief said based on the market sentiment, investors may continue to price in future earnings benefiting from the recent corporate tax reform into the stock markets.

“Hence, the Dow may sustain its upward momentum moving forward. Also, we think the current uptrend could sustain towards the next resistance of 26,500 on the Dow.

“Tracking the optimism in the US, we believe there will be some spillover effects towards stocks on Bursa Malaysia.

“The FBM KLCI could rebound further after the recent consolidation phase around the 10-d SMA. Traders could also focus on oil and gas stocks with the Brent Oil hovering above US$69,” it said.

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