Friday 29 Mar 2024
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KUALA LUMPUR (June 12): The FBM KLCI was down 0.33% at the midday break today, tracking wary regional markets.

At 12.30pm, the FBM KLCI dipped 5.46 points to 1,645.74.

Losers led gainers by 293 to 205, while 503 counters traded unchanged. Volume was 1.07 billion shares valued at RM761.12 million.

The top losers included Heineken Malaysia Bhd, Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Bintulu Port Holdings Bhd, Latitude Tree Holdings Bhd, Boustead Heavy Industries Corp Bhd, Ajinomoto (M) Bhd, Choo Bee Metal Industries Bhd, Petronas Dagangan Bhd and Rapid Synergy Bhd.

The actives included HPMT Holdings Bhd, Ekovest Bhd, Iskandar Waterfront City Bhd and Lambo Group Bhd.

The gainers included Chin Teck Plantations Bhd, Fraser & Neave Holdings Bhd, Telekom Malaysia Bhd, Pentamaster Corp Bhd, Subur Tiasa Holdings Bhd, Amway (M) Holdings Bhd and Hume Industries Bhd.

Asian share markets were in a wary mood on Wednesday as the White House took a tough line on trade talks with China, while a looming reading on US inflation could shuffle the odds for an early cut in interest rates there, according to Reuters.

Data on Chinese inflation showed the annual pace picked up to a 15-month high of 2.7%, but only because surging pork prices pushed up the cost of food. Excluding food, inflation rose only 1.6% and suggested there was plenty of scope for more stimulus, it said.

Affin Hwang Capital Research said the FBM KLCI Index fell slightly, dropping 4.27 points or 0.26% on Tuesday. The index closed at 1,651.20.

"Despite stalling at the EMA100d (100-day exponential moving average) which also coincides with the 1,660 resistance level, price action seems to indicate that the index is still drifting higher. Hence, this shows that prices are taking a slight breather before resuming higher.

"Note that the EMA20d (shorter-period) is converging towards the EMA50d (longer-period). A cross above may indicate a short-term positive outlook.

"Short-term technical rebound still in progress but anticipated to be short lived," it said.

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