Thursday 28 Mar 2024
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KUALA LUMPUR (April 13): The FBM KLCI edged up marginally at the midday break but gains seen were limited on the back of a lack of fresh catalysts as well as slower growth forecast for Malaysia from the World Bank.

At 12.30pm, the FBM KLCI was up 1.06 points to 1,845.37.

The top gainers included British American Tobacco (M) Bhd, Nestle (M) Bhd, MISC Bhd, Aeon Credit Services (M) Bhd, Uzma Bhd, Genting Malaysia Bhd, Bintulu Port Holdings Bhd, Malayan Banking Bhd and Vitrox Corporation Bhd.

The actively traded stocks included Frontken Corporation Bhd, Kanger International Bhd, Kronologi Asia Bhd, Netx Holdings Bhd, Sumatec Resources Bhd and Eti Tech Corporation Bhd.

The losers included Hong Leong Financial Group Bhd, Pestech International Bhd, Genting Plantations Bhd, Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery (M) Bhd, LPI Capital Bhd and Genting Bhd.

BIMB Securities Research said key regional indexes ended mostly higher last Friday with Hong Kong gaining the most in more than three years and Tokyo’s Nikkei Stock Average breaking 20,000 for the first time in 15 years.

Meanwhile, it said the local market ended lower as the FBMKLCI losing 5.08 points or 0.27% to 1,844.31, dragged down mainly by plantation and banking counters.

“Trading participation saw net buying by foreign institutions while local institutions and retail were net sellers.

“We expect the local market to trend sideways with some positive bias given the continuous buying by foreign investors with immediate resistance of 1,850,” it said.

Meanwhile, Malaysia is projected to experience slower growth and lower government revenue in 2015 and 2016, according to the World Bank’s East Asia Pacific Economic Update released today.

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