Friday 29 Mar 2024
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KUALA LUMPUR (March 16): The FBM KLCI dipped 0.19% at midday break today, tracking losses at most regional markets, weighed also by Malayan Banking Bhd and other key blue chips.

At 12.30pm, the FBM KLCI fell 3.48 points to 1,841.79. The index had earlier risen to a high of 1,846.98.

Losers led gainers by 318 to 252, while 548 counters traded unchanged. Volume was 1.45 billion shares valued at RM897.86 million.

Top losers included Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, KESM Industries Bhd, Press Metal Aluminium Holdings Bhd, Petronas Gas Bhd, Petron Malaysia Refining & Marketing Bhd, Padini Holdings Bhd, Malayan Banking Bhd, Bursa Malaysia Bhd, Top Glove Corp Bhd and Genting Malaysia Bhd.

The actives inluded Sapura Energy Bhd, Sumatec Resources Bhd, SKH Consortium Bhd, Nexgram Holdings Bhd, UMW Oil & Gas Corp Bhd, Advance Synergy Bhd, NWP Holdings Bhd and QES Group Bhd.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Magni-Tech Industries Bhd, Hong Leong Financial Group Bhd, Dutch Lady Milk Industries Bhd, Axiata Group Bhd, Malaysian Pacific Industries Bhd, Genting Plantations Bhd and Scientex Bhd.

Asian stocks slid on Friday as reports of more chaos in the Trump administration tested investors' nerves, already frayed by fears that U.S. tariffs could hurt the global economy and trigger a trade war, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2% in early trade. Japan's Nikkei was down 0.3%, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said regional markets were expected to open mix today, tracking the Dow, which rebounded slightly last night.

“Nonetheless, market breadth was bearish as decliners overwhelm gainers 4 to 2.

“Stocks in Bursa Malaysia are anticipated to drift lower as the FBMKLCI Index broke support at 1850 and thus expected to test 1830 in the near future.

“Rotational plays on small and mid-caps expected to continue,” he said.

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