Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 3): The FBM KLCI retreated at the midday break today, dragged by losses at select blue chips, against the backdrop of mixed regional markets.

At 12.30pm, the FBM KLCI was down 2.04 points to 1,796.11. The index had earlier risen to a high of 1,799.80.

Losers led gainers by 417 to 266, while 1,178 counters traded unchanged. Volume was 1.35 billion shares valued at RM908.99 million.

The decliners included Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, Atlan Bhd, Aeon Credit Service (M) Bhd, PLB Engineering Bhd, Genting Bhd, Mi Equipment Holdings Bhd and New Hoong Fatt Holdings Bhd.

The actives included My EG Services Bhd, K-Star Sport Ltd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Key ASIC Bhd, Fitters Diversified Bhd, Perdana Petroleum Bhd and Reach Energy Bhd.

The gainers included Ajinomoto (M) Bhd, Apex Healthcare Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, SAM Engineering & Equipment (M) Bhd, Kelington Group Bhd and Hong Leong Financial Group Bhd.

Asian shares reversed early losses while the euro rebounded from six-week lows on reports Italy will cut its budget deficit at a faster pace than expected, raising hopes Rome could stave off a problematic debt blow-out, according to Reuters.

Italy will reduce its budget deficit to 2% of gross domestic product (GDP) by 2020 from the earlier announced 2.4%, local newspaper Corriere Della Sera reported, a pledge that boosted the euro, it said.

Affin Hwang Capital Research said the FBM KLCI Index rebounded (5.69 points) on Tuesday.

"Prices moved higher from the EMAs, respecting the level as a support area. Meanwhile, indicators, namely MACD, RSI & Stochastic continue to drift slightly lower.

"The FBM KLCI Index may experience normal consolidation in the near term," it said.

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