Friday 29 Mar 2024
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KUALA LUMPUR (Oct 6): The FBM KLCI pared some of its gains but crossed the 1,650-point threshold at mid-morning today.

At 10.03am, the FBM KLCI was up 7.56 point to 1,655.15. The index had earlier risen to 1,662.54.

The top gainers included Nestle (M) Bhd, LPI Capital Bhd, MISC Bhd, PPB Group Bhd, Batu Kawan Bhd, Allianz Malaysia Bhd, Lay Hong Bhd, Hong Leong Financial Group Bhd, Panasonic Malaysia Manufacturing Bhd, Hong Leong Bank Bhd, Cycle & Carriage Bintang Bhd, Sime Darby Bhd and Telekom Malaysia Bhd.

The actives included The Media Shoppe Bhd, XOX Bhd, Instacom Group Bhd, Aemulus Holdings Bhd, Frontken Corporation Bhd, KNM Group Bhd and Nova MSC Bhd.

The top losers included Oriental Interest Bhd, Carlsberg Brewery (M) Holdings Bhd, IJM Plantations Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Genting Malaysia Bhd and MBM Resources Bhd.

The prospect of a delay in the US Federal Reserve's plan to raise interest rates and signs of some stability in oil and commodity markets boosted Asian stocks on Tuesday, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7% to two-week high, it said.

Hong Leong IB Research said given the increased expectations of a potential delay in Fed’s liftoff to 1Q16, the FBM KLCI may advance further in the near term in anticipation of renewed inflows of foreign funds and recovery in ringgit and commodities prices, supported by bottoming up indicators and a strong breakout above 50-d SMA yesterday.

“Key resistance levels are 1,660–1,687 whilst supports fall on 1,610–1,634,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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