Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 28): The FBM KLCI stayed firmly below the 1,700-point level at mid-morning as extended profit-taking kept the local index in the red.

At 10.01am, the FBM KLCI lost 6.98 points at 1,689.97.

The top losers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Seremban Engineering Bhd, Boustead Holdings Bhd, IHH Healthcare Bhd, Hume Industries Bhd, CIMB Group Holdings Bhd and SAM Engineering & Equipment Bhd.

The actively traded stocks included ES Ceramics Technology Bhd, EA Holdings Bhd, Trive Property Group Bhd, Pesona Metro Holdings Bhd and Careplus Group Bhd.

The top gainers included DanaInfra Nasional Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Panasonic Malaysia Manufacturing Bhd, New Hoong Fatt Bhd, WZ Satu Bhd and Top Glove Corporation Bhd.

Asian stocks slipped early on Wednesday, taking cues from an overnight decline on Wall Street while a wait-and-see mood prevailed ahead of a policy statement from the US Federal Reserve due later in the day, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan declined by 0.3%, it said.

Hong Leong IB Research reiterated its view that extended profit-taking is likely to cap near-term upside on Bursa Malaysia given the bearish daily indicators, weakening crude oil prices and ringgit.

“Sentiment will remain edgy ahead of the 27–28 Oct US FOMC meeting and expectations of another lackluster 3Q15 reporting season in November.

“Key upside hurdles are 1,729–1,739 (200-d SMA) while supports fall on 1,668–1,686,” it said.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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