Thursday 28 Mar 2024
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KUALA LUMPUR (May 19): The FBM KLCI erased some of its gains at the midday break today, as profit-taking on index-linked glovemakers capped the benchmark’s advance, while trading volume remained elevated.

At 12.30pm, the FBM KLCI was up 10.83 points to 1,420.99. The index had earlier risen to a high of 1,423.89.

Losers overtook gainers by 382 to 292, while 623 counters traded unchanged. Trading volume was 6.28 billion shares valued at RM2.63 billion, compared to the robust 6.7 billion shares valued at RM2.43 billion at noon break yesterday.

The gainers included Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Genting Plantations Bhd, Petronas Chemicals Group Bhd, Mega First Corp Bhd, Batu Kawan Bhd, and Petronas Dagangan Bhd.

The actives included Velesto Energy Bhd, KNM Group Bhd, Icon Offshore Bhd, Bumi Armada Bhd, Sapura Energy Bhd, Ekovest Bhd, Hibiscus Petroleum Bhd, Eduspec Holdings Bhd, and Alam Maritim Resources Bhd.

The decliners included Nestle (M) Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Heineken Malaysia Bhd, Hengyuan Refining Company Bhd, G3 Global Bhd, and Rubberex Corp (M) Bhd.

Reuters said Southeast Asian stock markets rose today, tracking Wall Street's gains overnight, on hopes of economic recovery after a successful early-stage trial of a Covid-19 vaccine boosted sentiment.

Indexes across Wall Street posted gains yesterday, following encouraging data from drugmaker Moderna Inc's experimental Covid-19 vaccine, which showed promising results in a small early-stage trial.

Kenanga Research said Asian stocks ended on a positive note, as US Federal Reserve chairman Jerome Powell expressed confidence in the US economy recovering backed by its strong reserve.

It said back home, the FBM KLCI rose 6.72 points (+0.48%) to finish at 1,410.16.

“Following the formation of a 'Golden Cross', the index continues to be in an attempt to close the gap that was opened during the mid-March market meltdown.

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, our resistance levels are raised to 1,420 (R1) and 1,460 (R2),” it said.

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