Friday 29 Mar 2024
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KUALA LUMPUR (Aug 4): The FBM KLCI fell 1.05% at the midday break today as regional markets struggled.

At 12.30pm, the FBM KLCI lost 18.29 points to 1,725.90.

The top losers included UMW Holdings Bhd, Maxis Bhd, British American Tobacco (M) Bhd, PPB Group Bhd, Axiata Group Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, TAHPS Group Bhd, Westports Holdings Bhd, Genting Plantations Bhd and Tenaga Nasional Bhd.

The actively traded stocks included The Media Shoppe Bhd, Pesona Metro Holdings Bhd, APFT Bhd, Konsortium Transnasional Bhd, AirAsia X Bhd, Tiger Synergy Bhd and IFCA MSC Bhd.

The gainers included Top Glove Corporation Bhd, Fraser & Neave Corporation Bhd, Nestle (M) Bhd, SAM Engineering & Equipment Bhd, MISC Bhd, Petronas Gas Bhd and S P Setia Bhd.

Asian shares struggled to stay positive on Tuesday after downbeat economic data pressured Wall Street ahead of a key US jobs report that could provide important clues to the timing of the Federal Reserve's interest rate increase, according to Reuters.

Crude oil prices firmed after plunging overnight, with US crude adding about 0.7% to $45.48 a barrel. Brent gained 0.7% to $49.84 after skidding 5% to six-month lows, it said.

BIMB Securities Research said Asian markets were mostly lower yesterday due to the lack of catalysts except for the local bourse which jumped 21.05 points to 1,744.19 attributed to some last minute buying mainly from foreign funds where we saw a second consecutive net foreign inflow of RM89 million after a net inflow of RM132.3 million last Friday.

“We believe foreign investors will begin to look at Malaysian stocks leveraging on the country’s drastic fall of the Ringgit/US$ which dropped by around 10.6% year-to-date.

“Nonetheless, we expect some profit taking today after yesterday’s spike-up with the 1,740 as the immediate support level,” it said.

 

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