Friday 29 Mar 2024
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KUALA LUMPUR (May 17): The FBM KLCI finished the first trading day after the extended Aidilfitri weekend slightly higher, but the overall market was broadly lower as investors maintained their cautious mood.

The benchmark index closed 0.94 points or 0.06% higher at 1,583.46.

Market breadth was negative with 1,061 counters posting losses, compared with only 195 gainers.

Rakuten Trade head of equity sales Vincent Lau said the dampened sentiment is likely due to concerns that a stricter Movement Control Order (MCO) would be implemented in Selangor, the country's key industrial and manufacturing hub.

Health Minister Datuk Dr Adham Baba reportedly said that a stricter MCO in Selangor may be imposed if the state fails to curb the spread of Covid-19.

In total, some 6.6 billion shares worth RM3.77 billion were traded today.

Top actives included Focus Dynamics Group Bhd, Kanger International Bhd and Lambo Group Bhd.

The top value losers were consumer stocks Fraser & Neave Holdings Bhd, Nestle Malaysia Bhd and Dutch Lady Milk Industries Bhd.

Y&G Corp Bhd, Tomei Consolidated Bhd and Hartalega Holdings Bhd were the day’s top value gainers.

Elsewhere in Asia, Reuters reported that rising Covid-19 cases in Taiwan and Singapore, and worries over more contagious variants have sent investors scattering for safer bets such as gold and the US dollar.

Japan's Nikkei 225 closed 0.92% lower, but other key indices managed to rise with Hong Kong's Hang Seng index up 0.59%, the Shanghai Composite index up 0.78%, and Singapore's Straits Times index up 0.76%.

Edited ByS Kanagaraju
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