Friday 29 Mar 2024
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KUALA LUMPUR (April 30): The FBM KLCI remained in negative zone at mid-morning in line with the weaker regional markets and as investors at the local bourse stayed on the sideline ahead of the extended weekend with the Labour Day and Wesak holidays.

At 10am, the FBM KLCI fell 2.89 poins to 1,840.04.

The top losers included Nestle (M) Bhd, Petronas Dagangan Bhd, Carlsberg Brewery (M) Bhd, Genting Bhd, MISC Bhd, S P Setia Bdh, UMW Holdings Bhd, Caring Pharmacy Group Bhd and Lafarge Malaysia Bhd.

The actively traded stocks include DGB Asia Bhd, Kinsteel Bhd, Frontken Corporation Bhd, Perisai Petroleum Teknologi Bhd, My E.G. Services Bhd, Vsolar Group Bhd and Nova MSC Bhd.

The gainers included United Plantations Bhd, Syarikat Takaful Malaysia Bhd, Malaysian Pacific Industries Bhd, My E.G., Super Enterprise Holdings Bhd, MNRB Holdings Bhd and Prestariang Bhd.

Asian stocks slipped and the euro stood tall against the dollar early on Thursday after U.S. data overnight showed the economy grew much more slowly than expected in the first quarter, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 percent. Japan's Nikkei shed 1.6 percent and South Korean and Australian shares also suffered losses, it said.

Hong Leong IB Research said that overall, the FBM KLCI’s near term outlook had weakened ahead of the long holidays ahead and lack of local fresh catalysts coupled with deteriorating indicators (following the breakdown below 10-d and 20-d SMAs supports yesterday).

“Sentiment remains cautious as we expect gyrations ahead, especially entering into a seasonally volatile month in May.

“Immediate resistances are 1850, 1858 and 1868, followed by formidable resistance at 1878-1896. Supports fall on 1818-1830,” it said.

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