Friday 29 Mar 2024
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KUALA LUMPUR (Jan 3): The FBM KLCI rose 0.71% at mid-morning today as some bargain-hunting activities lifted the local index, against the backdrop of weaker regional markets.

At 10am, the FBM KLCI rose 11.9 points to 1,680.01.

Gainers led losers by 249 to 182, while 221 counters traded unchanged. Volume was 483.02 million shares valued at RM227.8 million.

The gainers included Fraser & Neave Holdings Bhd, Nestle (M) Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Tenaga Nasional Bhd, MISC Bhd, Amway (M) Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Sime Darby Plantation Bhd and Aeon Credit Service (M) Bhd.

The actives included Tatt Giap Group Bhd, Inari Amertron Bhd, Sanichi Technology Bhd, Hubline Bhd, Permaju Industries Bhd, Sapura Energy Bhd and Destini Bhd.

The decliners included Inari, Globetronics Technology Bhd, KESM Industries Bhd, Kuala Lumpur Kepong Bhd and Malaysia Airports Holdings Bhd.

Shares in Asia fell on Thursday and US stock futures dropped sharply after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy, according to Reuters.

The Cupertino, California-based tech giant blamed fewer iPhone upgrades and slowing sales in China for the rare revenue warning, its first since 2007. Its shares tumbled 8% in after-hours trade, it said.

Hong Leong IB Research said despite the bargain-hunting activities in the US, there could be limited upside as Apple warned on softer first quarter results as iPhone and Apple Watch sales may disappoint, in a letter to investors by CEO Tim Cook.

"This has led to after-market selldown in the technology sector and we may expect the Dow to trade range bound within 22,500-24,175 over the near term.

"With the bargain-hunting activities on Wall Street overnight, we may anticipate slight rebound on broader market.

"However, semiconductor-related stocks could be expecting higher trading activities after Apple slashed revenue guidance moving forward. Nevertheless, oil and gas stocks may rebound as Brent oil trended higher in the previous session," it said.

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