Friday 29 Mar 2024
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KUALA LUMPUR (April 26): The FBM KLCI staged a technical rebound this morning and rose 0.54% at mid-morning, lifted by select index-linked blue chips.

At 10am, the FBM KLCI rose 10.04 points to 1,861.97.

Gainers led losers by 338 to 141, while 222 counters traded unchanged. Volume was 591.48 million shares valued at RM265.37 million.

The top gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, United Plantations Bhd, Top Glove Corp Bhd, Hengyuan Refining Co Bhd, Hong Leong Financial Group Bhd, Petronas Gas Bhd, Wang-Zheng Bhd and Hong Leong Bank Bhd.

The actives included Sapura Energy Bhd, SKH Consortium Bhd, Maxwell International Holdings Bhd, Sumatec Resources Bhd, PUC Bhd and UCrest Bhd.

The losers included British American Tobacco (M) Bhd, Allianz Malaysia Bhd, Heineken Malaysia Bhd, Batu Kawan Bhd, Caely Holdings Bhd and B.I.G. Industries Bhd.

Asian stocks edged up on Thursday as robust corporate earnings helped Wall Street quell concerns over a surge in US bond yields, while the US dollar hovered near three-month highs against a basket of currencies, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.09%, it said.

Hong Leong IB Research in a traders' brief said in the US, there could be an extended tug of war between ongoing earnings season and the extended worries over the rising yield environment.

"Hence, Wall Street could persist within the consolidation phase over the near term. Also, any external shocks that may trigger a sell down below the Dow's SMA200 (23,674) would be seen as a negative signal.

"Meanwhile, we believe severely oversold stocks on the local front could be due for a technical rebound after a few sessions of negative market breadth recently.

"However, the external issues (toppish US 10-year Treasury yield, Fed's interest rate outlook) and the GE14 may curtail the upside as traders are likely to take a cautious stance by deploying a selling-into-strength strategy," it said.

 

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