Friday 29 Mar 2024
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KUALA LUMPUR (May 25): The FBM KLCI dipped 0.57% at mid-morning today as select blue chips weighed in line with the lacklustre regional markets.

At 10.15am, the FBM KLCI lost 10.16 points to 1,777.34.

The top losers included Far East Corporation Bhd, Tenaga Nasional Bhd, Pos Malaysia Bhd, IFCA MSC Bhd, Negri Sembilan Oil Palms Bhd, Kuala Lumpur Kepong Bhd, IQ Group Bhd, Asia Brands Bhd, C.I. Holdings Bhd and Vitrox Corporation Bhd.

The actively traded stocks included AirAsia X Bhd, Frontke Corporation Bhd, IFCA MSC, PUC Founder Bhd, Kanger International Bhd, Daya Materials Bhd, Talam Transform Bhd and Perisai Petroleum Teknologi Bhd.

The top gainers included KLCC Property Holdings Bhd, Perak Corporation Bhd, SAM Engineering Bhd, Allianz (M) Bhd, Petronas Gas Bhd, KESM Industries Bhd and RHB Capital Bhd.

Activity was likely to be thin this session as UK and US markets are shut on Monday for the Spring Bank Holiday and Memorial Day respectively. European centres such as Germany will be observing the Whit Monday holiday.

JF Apex Securities Research in a market preview today said US markets ended lower after Federal Reserve Chairperson Janet Yellen's speech indicated an interest rate hike this year should the economy improve.

Hong Leong IB Research said that technically, after falling below key supports of 100-d SMA (now at 1,802) and 200-d SMA (now at 1,813) levels last week, near term FBM KLCI outlook had turned bearish, compounded by nagging domestic and external concerns.

“For a resumption of uptrend, KLCI must swiftly recapture the 200-d SMA level.

“Weekly supports are situated near 1,750–1,770 while resistance zones are pegged at 1,800–1,813,” it said.

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