Friday 29 Mar 2024
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KUALA LUMPUR (March 16): The FBM KLCI reversed its earlier loss and rose at mid-morning today, lifted by select blue chips, while Ranhill Holdings Bhd made a dismal return to Bursa Malaysia.

At 10.02am, the FBM KLCI rose 1.94 points to 1,692.86.

The gainers included Panasonic Malaysia Manufacturing Bhd, Carlsberg Brewery (M) Holdings Bhd, Hong Leong Bank Bhd, Puncak Niaga Holdings Bhd, Kobay Bhd, Hock Seng Lee Bhd, Genting Bhd, Texchem Resources Bhd and Damansara Realty Bhd.

Among the actives, Ranhill fell 10% or 12 sen to RM1.08 with 20 million shares done.

The other actives included EKA Noodles Bhd, AirAsia Bhd, Nexgram Holdings Bhd, Compugates Holdings Bhd and Puncak Niaga.

The top losers included Kuala Lumpur Kepong Bhd, Ranhill, Allianz Malaysia Bhd, Hap Seng Consolidated Bhd, Guiness Anchor Bhd, Genting Malaysia Bhd and Scientex Bhd.

Asian shares were mixed on Wednesday while the dollar dithered as markets waited anxiously for the Federal Reserve to provide guidance on the risk of U.S. rate hikes this year, according to Reuters.

While no move is expected at this meeting it does include updates of Fed members' economic projections and a news conference with Chair Janet Yellen, events that have caused violent market reactions in the past, it said.

Hong Leong IB Research said the FBM KLCI failed to withhold the critical 1700 levels and faltered 9.4 pts to end at 1691 yesterday, as investors look forward to the FOMC decision for more guidance on the market.

“As reiterated earlier, the FBM KLCI must close above 1700 levels convincingly to sustain the ongoing rally from 1600, with key upside target at 1727 (19 Oct high) and 1740 (200-w SMA). Key supports are 1660-1680,” it said.

 

 

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