Friday 29 Mar 2024
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KUALA LUMPUR (Jan 20): The FBM KLCI fell at mid-morning ahead of the annlouncement of the revised Budget by Prime Minister Datuk Seri Najib Razak as regional markets stayed on edge awaiting China data.

At 10am, the FBM KLCI fell 5.45 points to 1,747.86.

The top losers included Rapid Synergy Bhd, Hap Seng Plantations Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, RHB Capital Bhd, KLCC Property Holdings Bhd, British Americxan Tobacco (M) Bhd, Eastern & Oriental Bhd, PPB Group Bhd and Hong Leong Bank Bhd.

Sanichi Technology Bhd was the most actively traded counter with 46.89 million shares done. The stock was flat at 10 sen.

The other actives included Sumatec Resources Bhd, KNM Group Bhd, My E.G. Services Bhd, Minetech Resources Bhd and Icon Offshore Bhd.

The gainers included DKSH Bhd, Aeon Credit Services (M) Bhd, My E.G., United Plantations Bhd, Goh Ban Huat Bhd, Favelle Favco Bhd, S P Setia Bhd and Eco World Development Group Bhd.

Asian markets were on edge on Tuesday ahead of data expected to show China's economy grew at the slowest pace in 24 years last quarter, adding to the case for more stimulus measures both at home and abroad, according to Reuters.

A soft result would only magnify concerns about global demand and put further pressure on commodity prices, with oil slipping again on Monday, it said.

JF Apex Securities Research said European equities closed largely higher yesterday as investors look ahead to Thursday's European Central Bank (ECB) meeting.

Meanwhile in Italy, it said the shares of several banks soared on rumored changes to how shareholders vote. US markets were closed for Martin Luther King Day.

“On the local stock exchange, the FBM KLCI rose 9.74 points to 1753.31 points.

“Asian stock markets are set for a lower open today, as investors await a raft of data from China for further trading cues.

“We expect the FBM KLCI to hover and possibly retest its resistance of 1,765 points,” it said.

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