Tuesday 23 Apr 2024
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KUALA LUMPUR (June 5): The FBM KLCI dipped 0.3% at mid-morning today, dragged by select blue chips, tracking losses at the regional markets.

At 10.10am, the FBM KLCI lost 5.31 points to 1,749.86.

Gainers led losers by 307 to 224, while 285 counters traded unchanged. Volume was 726.22 million shares valued at RM379.59 million.

The top losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Tasek Corp Bhd, MISC Bhd, Genting Bhd, Lafarge Malaysia Bhd, Eita Resources Bhd and Carlsberg Brewery Malaysia Bhd.

The actives included UCrest Bhd, My E.G. Services Bhd, Cuscapi Bhd, Pintaras Jaya Bhd and PUC Bhd.

The gainers included United Plantations Bhd, Lingkaran Trans Kota Holdings Bhd, Yinson Holdings Bhd, Hong Leong Financial Group Bhd, LPI Capital Bhd, Malaysia Airports Holdings Bhd, Hong Leong Bank Bhd, Supermax Corp Bhd, Sime Darby Plantation Bhd and Genting Plantations Bhd.

Asian stocks dipped on Tuesday as the markets took a breather after the previous day's rally, although tech-inspired Wall Street gains helped limit the losses, with investor focus moving away from trade concerns and back to benign economic fundamentals, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1% after surging 1.4% the previous day, it said.

Hong Leong IB Research in a traders' brief said the near-term trading tone will still be positive as investors focused on the fundamentals of the economy.

"However, should there be any negative comments related to trade issues by Donald Trump in the G7 summit that will be held this week, it may send cautious signals towards the markets.

"With the positive overnight performance of Wall Street, we may anticipate slight rebound of the FBM KLCI towards 1,770.

"However, the concerns on 1MDB and uncertain growth outlook for Malaysia as some of the mega construction projects have been axed as well as the national debt worries may limit the upside of the KLCI around 1,800 for the near term," it said.

 

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