Tuesday 19 Mar 2024
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KUALA LUMPUR (Nov 18): The FBM KLCI edged up marginally at mid-morning on Tuesday but the gains were muted as the general sentiment at the local market remained lacklustre.

At 10am, the FBM KLCI added 0.42 points to 1,806.90.

The top gainers included Carlsberg Brewery (M) Bhd, UMW Holdings Bhd, Cycle & Carriage Bintang Bhd, Kwantas Corporation Bhd, Keng Seng (Malaysia) Bhd, Kian Joo Can Factory Bhd, Axiata Group Bhd and RHB Capital Bhd.

Technodex Bhd was the most actively traded counter with 15.57 million shares done. The stock jumped 8.89% or 2 sen to 24.5 sen.

The other actives included Perisai Petroleum Teknologi Bhd, AirAsia X Bhd, IFCA MSC Bhd, Sumatec Resources Bhd, Muhibbah Engineering Bhd and TH Heavy Engineering Bhd.

The decliners included Genting Plantations Bhd, PPB Group Bhd, IOI Corporation Bhd, Tune Ins Holdings Bhd, Tasco Bhd, Lafarge Malaysia Bhd, Malaysia Smelting Corporation Bhd and Syarikat Takaful Malaysia Bhd.

Regionally, Japanese shares led a tentative recovery in Asian shares on Tuesday, drawing some support from two U.S. blockbuster acquisitions and anticipation of more European monetary stimulus, according to Reuters.

A day after shock data showing Japan slipping into recession had rattled financial markets, Japan's Nikkei rose 1.4 percent in early trade, erasing about a half of its 3.0 percent fall the previous day, it said.

Hong Leong IB Research said that technically, the sharp selldown from monthly high of 1858 (3 Nov) to a low of 1806 yesterday had pushed the KLCI into a grossly oversold position, reflected by the daily slow stochastic indicator.

“However, on the back of external uncertainties (potential pullback in Dow, uneven recovery in the global economy, sliding oil prices, geopolitical risks etc) and given that domestic fresh catalysts are unlikely to emerge anytime soon, the FBM KLCI will continue to be trapped in a consolidation mode despite the oversold position.

“Short term resistances 1812-1836 whilst supports fall on 1778-1800,” it said.

 

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