Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Jan 21): The FBM KLCI staged a mild technical rebound at mid-morning on Tuesday after its recent slump in the first half of January since the start of the year.

At 10am, the FBM KLCI gained 6.12 points to 1,813.71.

The top gainers included BAT, United Plantations, Petronas Dagangan, Aeon Credit, Asia File, Aeon, Khind, Tenaga, Petronas Gas and Zhulian.

KNM was the most actively traded counter with 39.8 million shares done. The stock added three sen to 51.5 sen.

The other actives included Asia Pac, XDL, Takaso, Daya Materials, Sona Petroleum, Bio Osmo, Utopia and Tiger Synergy.

The top losers included BLD Plantation, Can-One, Turbo, Century, JT International, MAHB, Petra Energy, Cocoaland and Perisai.  

Hwang DBS Vickers Research in a note Tuesday said the Malaysian bourse would likely drift sideways with a slight positive slant against a backdrop of slow news flows.

“The benchmark FBM KLCI – after hitting a low of 1,801.31 yesterday – could stage a mild technical rebound by pulling further away from the psychological mark of 1,800 ahead.

“There was no overnight lead as Wall Street was closed yesterday. Meanwhile, with few major corporate developments in sight, investors will relook at the automotive sector – in particular DRB-Hicom as a probable key beneficiary – following the release of the National Automotive Policy yesterday afternoon. Separately, YTL Power’s share price may come under pressures after a local media reported that the independent power producer might have lost to 1MDB in the bid to build a 2,000MW coal-fired power plant costing approximately RM12 billion,” it said.

Elsewhere, Asian markets crept higher on Tuesday as Japanese stocks rebounded and Chinese money rates eased, while the U.S. dollar got a fillip from a report the Federal Reserve would again trim its bond buying next week, according to Reuters.

The dollar broke the early lethargy with a hop to 104.48 yen when the Wall Street Journal reported the Fed is on track to trim its bond-buying program for the second time in six weeks, paring back by $10 billion to $65 billion a month, it said.


      Print
      Text Size
      Share