Friday 29 Mar 2024
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KUALA  LUMPUR (Nov 25): The FBM KLCI dipped in early trade in line with the mixed regional markets, weighed by select blue chips.

At 9.05am, the FBM KLCI was down 4.05 points to 1,672.98.

The top losers included Petronas Gss Bhd, Johore Tin Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, HCK Capital Group Bhd, PPB Group Bhd, UMW Holdings Bhd, MMS Venture Holdings Bhd, Can-One Bhd, BIMB Holdings Bhd and Petronas Dagangan Bhd.

Asian stocks were mixed in early trading on Wednesday as investors assessed the geopolitical risk surrounding Turkey's downing of a Russian fighter jet, while crude oil prices eased from two-week highs, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.2 percent. Australian shares dipped 0.1 percent while Japan's Nikkei shed 0.4 percent. South Korea's Kospi was virtually unchanged, it said.

Hong Leong IB Research in a market preview today said that on the back of strong rebound in crude oil prices (which leads to stronger ringgit) and 1MDB assets sale, it expects the FBM KLCI to extend its gain today.

“Moreover, Valuecap factor, year-end window dressing activities, more comfortable view on Fed’s potential liftoff in Dec and potential ECB’s stimulus in Dec are likely to provide near term rerating catalysts for the FBM KLCI.

“We are of the view that the FBM KLCI may hit 1685 following breakout above 1674 yesterday. Supports at 1660-1642,” it said.

 

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