Saturday 04 May 2024
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KUALA LUMPUR (May 25): The FBM KLCI remained firmly above the 1,770-point level at mid-morning today, in line with the advance at most regional markets.

At 9.58am, the FBM KLCI rose 5.66 points to 1,776.67.

The top gainers included Hengyuan Refining Co Bhd, Hong Leong Financial Group Bhd, Wing Tai Malaysia Bhd, United Plantations Bhd, CIMB Group Holdings Bhd, Lafarge Malaysia Bhd, Enta Group Bhd, Vitrox Corp Bhd and Genting Malaysia Bhd.

The actives included Inta Bina Group Bhd, AirAsia X Bhd, DRB-Hicom Bhd, Dagang NeXchange Bhd, Globaltec Formation Bhd, PUC Founder MSC Bhd, Frontken Corp Bhd and Ho Wah Genting Bhd.

The top losers included DKSH Holdings (M) Bhd, Petronas Dagangan Bhd, Kossan Rubber Industries Bhd, Pos Malaysia Bhd, Success Transformer Corp Bhd, UOA Reit, Dufu Technology Bhd and KESM Industries Bhd.

Asian shares eked out modest gains on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent, with South Korea leading with a 0.4 percent rise, it said.

Hong Leong IB Research said as the market shifted their focus temporary on the Fed's meeting minutes and interest rates hike possibility, it opines investors will extend their relief rally over the near term with the Dow securing above the psychological level of 21,000.

It said next resistance will be envisaged around 21,178-21,200.

“Meanwhile, share prices on the local bourse could see another short term gains on the FBM KLCI following the feel-good mood from the overnight overseas markets.

“However, we opine that the FBM KLCI's upside will be limited around the 1,780-1,790 level as traders may be still deploying selling-into-strength strategy after the recent profit taking activities were noticed across the small cap and lower liners.

“However, the launch of Mid and Small Cap Research Scheme by Bursa Malaysia later today may cap the downside of such activities,” it said.

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