Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 16): The FBM KLCI crossed the crucial 1,700-point threshold in early trade this morning as regional sentiment improved.

At 9.05am, the FBM KLCI rose 11.73 points to 1,705.94.

The early gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Aeon Credit Service (M) Bhd, Apex Healtcare Bhd, Hong Leong Bank Bhd, Genting Plantations Bhd, Press Metal Aluminium Holdings Bhd and Tong Herr Resources Bhd.

The British pound lay battered and bruised in Asia on Friday after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal, according to Reuters.

Asian share markets fared better as hopes for a thaw in Sino-U.S. trade relations gave Wall Street a fillip, though there were duelling reports on the prospects for an actual agreement, it said.

Hong Leong IB Research in a traders’ brief said following the conclusion of 3Q18 results season, all eyes are on the upcoming Trump-Xi meeting during G20 summit (30 Nov-1 Dec) and the FOMC meeting on 17-18 Dec.

“We expect volatility to remain as investors’ sentiment is likely to be highly driven by headlines. Key resistances are 25400-25800 while supports are near 24200-24500.

“The overnight 0.83% rebound in Dow should push KLCI to record its 3rd straight gains today but we believe any rebound will be short-lived and capped near 1,726, ahead of the crucial Trump-Xi meeting expected at the G-20 summit.

“Meanwhile, sentiment would remain cautious amid ongoing Bursa Malaysia’s 3Q18 earnings reporting season. Key supports are pegged near 1658-1670 levels,” it said.

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