Friday 29 Mar 2024
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KUALA LUMPUR (Nov 12): The FBM KLCI stayed below the 1,830-point resistance level at mid-morning on Wednesday, dragged by index-linked plantations and banking stocks.

At 10.01am, the FBM KLCI fell 4.22 points to 1,820.89.

The top losers included IJM Plantations Bhd, British American Tobacco (M) Bhd, Syarikat Takaful Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Lafarge Malaysia Bhd, AMMB Holdings Bhd, Hong Leong Financial Group Bhd, Malayan Banking Bhd and Public Bank Bhd.

Minetec Resources Bhd was the most actively traded counter with 57.39 million shares done. The stock jumped 6.67% or one sen to 16 sen.

The other actives included IFCA MSC Bhd, Jaks Resources Bhd, Perisai Petroleum Teknologi Bhd and Tiger Synergy Bhd.

The top gainers included United Plantations Bhd, Nestle (M) Bhd, Puncak Niaga Holdings Bhd, MSM Malaysia Bhd and Pharmaniaga Holdings Bhd.

Regionally, Japanese stocks scaled seven-year highs on Wednesday on growing expectations Prime Minister Shinzo Abe will postpone a planned sales tax hike to avoid damaging a fragile recovery, and call a snap election to bolster his political standing, according to Reuters.

Equity markets in the rest of Asia moved little after a flat close in a holiday-thinned Wall Street session, with MSCI's broadest index of Asia-Pacific shares outside Japan off just 0.1 percent in early trade, it said.

JF Apex Research Securities Research said U.S. stocks closed around highs overnight as investors found little impetus to move decisively in one direction or the other.

It said the movement was enough to push the Dow and S&P 500 up one point each to a record.

Similarly, European stocks ended the day in the green after fluctuating throughout the day, it said.

“On the local bourse, the FBM KLCI dropped 2.82 points to 1825.11 points. Asian indices appear set for a mixed start today amid an absence of strong leads from Wall Street.

“We expect the KLCI to remain lackluster, below the resistance of 1830 points,” it said.

 

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