Friday 29 Mar 2024
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KUALA LUMPUR (Jan 10): The FBM KLCI rose 0.59% this morning following the firmer overnight clsoe at most global markets, but gains were seen limited as regional markets turned tentative today.

At 9,05am, the FBM KLCI rose 9.82 points to 1,677.65.

The gainers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Genting Plantations Bhd, PPB Group Bhd, Sime Darby Plantations Bhd and QL Resources Bhd.

The rally in global equities showed signs of stalling on Thursday, with Asian stocks opening mixed. U.S. stocks earlier climbed as investors cheered the dovish tone in minutes of the most recent Federal Reserve meeting. Oil held gains, according to Bloomberg.

Equities slipped in Japan, while they were little changed in South Korea and Australia. The S&P 500 Index posted a fourth day of gains as the Fed minutes revealed policy makers took a more cautious approach to further interest-rate increases, chiming with Chairman Jerome Powell’s tone from last week. Still, gains were limited amid concern the partial government shutdown will continue for some time. The offshore yuan stayed at the strongest since August as the U.S. and China laid the ground for resolving trade issues after three days of negotiations, it said.

Kenanga IB Research said Asian stock markets ended positively yesterday, taking lead from Wall Street’s overnight gains on optimism towards the outcome of the trade talk.

It said bucking the trend, the FBM KLCI went down 4.93pts or 0.29% to close at 1,667.83, led by losses from Petronas Chemicals Group Bhd (-4.89%) and Top Glove Corp Bhd (-4.57%).

“Overall technical outlook remains downside bias as technical indicators lack positivity while underlying downtrend is still intact.

“Continuous negative momentum will see it trend closer to its support at 1,615 (S1) and 1,600 (S2).

“Should the index be able to close above the 1,700 (R1) level, outlook will then be bullish with next resistance found at 1,750 (R2),” it said.

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