Thursday 28 Mar 2024
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KUALA LUMPUR (July 20): The FBM KLCI dipped 0.31% at mid-morning today in line with the slip at most regional markets.

At 10.01am, the FBM KLCI fell 5.26 points to 1,665.29.

The top losers included Nestle (M) Bhd, PPB Group Bhd, British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd, KESM Industries Bhd, IOI Corporation Bhd, Ajinomoto (Malaysia) Bhd, Maxis Bhd, Axiata Group Bhd, SAM Engineering & Equipment (M) Bhd and Time dotCom Bhd.

The actives included Borneo Oil Bhd, Hiap Teck Venture Bhd, Asia Media Group Bhd, Vivocom Intl Holdings Bhd, Nexgram Holdings Bhd, Sumatec Resources Bhd and Evergreen Fibreboard Bhd.

The gainers included Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Cahya Mata Sarawak Bhd, Batu Kawan Bhd, Hong Leong Financial Group Bhd, George Kent (Malaysia) Bhd, Pecca Group Bhd and KKB Engineering Bhd.

Asian stocks stepped back early on Wednesday after a record run on Wall Street showed signs of petering out, while the dollar hovered near a four-month high against a basket of currencies following upbeat US data, according to Reuters.

Global risk appetite, which has recovered rapidly from the Brexit shock late in June, received a sobering reminder after the International Monetary Fund (IMF) cut its global growth forecasts for the next two years on Tuesday, citing uncertainty over Britain's looming exit from the European Union, it said.

Hong Leong IB Research said despite recent optimism of better-than-expected US economic data and results, hopes of more stimulus from central banks and governments and expectations of more mega project roll-outs by Government in the near term, the FBM KLCI may witness near-term mild profit taking pullback amid IMF's pessimistic mode on global economy, oil price consolidation and stretched technical indicators. Immediate supports are 1,656–1,666.

"Key resistances are 1,684–1,700.

"On local front, the signing of MoU for the High Speed Rail (HSR) may buoy sentiment on construction stocks and property developers that have landbanks nearby the proposed stops, such as Matrix Concepts Holdings Bhd, UEM Sunrise Bhd and Sunway Bhd," it said.

 

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