KUALA LUMPUR (March 1): The FBM KLCI rose 0.17% at the midday break today, lifted by select blue chips while the broader market remained lacklustre with decliners leading advancers.
At 12.30pm, the FBM KLCI was up 3.22 points to 1,859.42.The index had earlier in the morning slipped to a low of 1,851.51.
Losers led gainers by 446 to 217, while 483 counters traded unchanged. Volume was 1.84 billion shares valued at RM1.06 billion.
The top gainers included Panasonic Manufacturing Malaysia Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Industries Bhd, Top Glove Corp Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Genting Bhd, Mesiniaga Bhd and Carlsberg Brewery Malaysia Bhd.
The actives included Sumatec Resources Bhd, HB Global Ltd, Daya Materials Bhd, DGB Asia Bhd, Vivocom Intl Holdings Bhd, Sino Hua-An International Bhd, Hibiscus Petroleum Bhd and PUC Bhd.
The decliners included Nestle (M) Bhd, Hong Leong Bank Bhd, Ajinomoto (M) Bhd, UMW Holdings Bhd, British American Tobacco (M) Bhd, Hengyuan Refining Company Bhd, Globetronics Technology Bhd and Perak Corp Bhd.
Asian stocks fell on Thursday after Wall Street marked its worst monthly performance in two years as the impact from new Federal Reserve chief Jerome Powell's hawkish-sounding comments reverberated across the broader risk asset markets, according to Reuters.
Investors have been on edge in recent weeks amid concerns higher interest rates in advanced economies, led by the United States, could dent world growth, it said.
CIMB Retail Research said the local bourse tumbled 15.3 points or 0.8% yesterday in line with the regional markets as the renewed worries over the US rate hike.
It said the negative sentiment was also dampened by the weaker-than-forecast China PMI data.
“The FBM KLCI index has formed a bearish engulfing pattern, which indicates a reversal of the recent rally.
“Moreover, Dow closed 380 points lower overnight and that weak close is likely to keep the local market under pressure today. Resistance: 1,880 & 1,896 Supports: 1,840 & 1,815,” it said.