Thursday 28 Mar 2024
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KUALA LUMPUR (March 29): The FBM KLCI rose 0.46% at the midday break today, in line with the rise at regional markets, but was still some 41.79 points down year-to-date.

At 12.30pm, the FBM KLCI rose 7.46 points to 1,648.79.

Gainers led losers by 282 to 197, while 550 counters traded unchanged. Volume was 1.28 billion shares valued at RM772.32 million.

The gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, Heineken Malaysia Bhd, British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Financial Group Bhd, PPB Group Bhd and Kuala Lumpur Kepong Bhd.

The actives included Sino Hua-An International Bhd, Berjaya Corp Bhd, Sapura Energy Bhd and Frontken Corp Bhd.

The decliners included Kein Hing International Bhd, Malaysia Airports Holdings Bhd, Amway (M) Holdings Bhd, FACB Industries Incorporated Bhd, Teck Guan Perdana Bhd and UMW Holdings Bhd.

Asian shares rose on Friday, led by a surge in Chinese equities, on hopes that Washington and Beijing are making progress in trade talks, while global bond yields moved higher after a prolonged slide on worries about the economic outlook, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5% while Japan's Nikkei added 1%, it said.

Affin Hwang Capital Research said the FBM KLCI Index traded relatively flat on Thursday, sliding 1.4 point or 0.09% lower to close at 1,641.33.

It said market breadth was quite negative with only 338 gainers as compared to 448 losers despite the index closing little changed.

"Selling pressure has been easing off slightly the past few days but heavy bias still remains to the downside.

"Technical indicators, namely RSI (relative strength index) & Stochastic on the daily chart, are indicating that prices are oversold, hence a temporary pullback may materialise in the near future.

"Anticipate the FBM KLCI Index to further soften, potentially retesting the 1,630-1,615 level," it said.

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