Friday 29 Mar 2024
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KUALA LUMPUR (Nov 30): The FBM KLCI started the final trading day of November cautiously, tracking the mixed regional markets.

At 9.05am, the FBM KLCI was up 3.61 points to 1,699.95.

The early gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, KESM Industries Bhd, Focus Lumber Bhd, Hong Leong Financial Group Bhd, IHH Healthcare Bhd and RHB Bank Bhd.

Asian stocks looked set to round out the month in mixed fashion as investors await a crucial meeting between the U.S. and Chinese presidents with the course of the trade war at stake. Treasuries maintained gains and the dollar declined overnight, when U.S. equities dipped, according to Bloomberg.

Shares edged higher in Tokyo and Seoul and futures indicated a higher start for shares in Hong Kong and Shanghai, while Australian shares slipped. The S&P 500’s rally faded late in the day on Thursday. Doubts remain about prospects for Presidents Donald Trump and Xi Jinping to agree to a thaw in bilateral relations. Tech stocks dropped in the U.S., as did banks, as the 10-year Treasury yield held near its lowest since September. Minutes from the Federal Reserve’s November policy meeting showed the central bank preparing for a more flexible path in 2019, it said.

Hong Leong IB Research in a traders’ brief said expects the US market to turn slightly cautious ahead of the Trump-Xi discussions in the upcoming G20 summit.

“Also, we believe the oil market will be slightly volatile prior to the OPEC meeting next week, which may affect the trading interest on energy shares. Meanwhile, investors will be watching closely on FOMC meeting next month to understand the outlook of interest rates.

“Tracking the softer tone on Wall Street, coupled with weak sentiment following the Genting-Disney dispute, we opine that the overall trading tone would remain subdued.

“Meanwhile, oil and gas stocks will still be under traders’ radar as Brent oil price is hovering below USD60 mark. Hence, the KLCI’s upside is likely to be capped along the 1,700-1,730 level,” it said.

 

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