Thursday 28 Mar 2024
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KUALA LUMPUR (March 4): The FBM KLCI remained firmly above the 1,800-point level in early trade on Wednesday despite a more cautious regional environment, but analysts have cautioned that the local index was ripe for a technical correction.

At 9am, the FBM KLCI rose 4.41 points to 1,825.66.

The top gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, MISC Bhd, UMW Holdings Bhd, KLCC Property Holdings Bhd, SapuraKencana Petroleum Bhd, Westports Holdings Bhd, The Nomad Group Bhd and Petronas Chemicals Group Bhd.

An index of Asian shares and the dollar both edged down on Wednesday, as investors grew cautious ahead of central bank meetings and U.S. data later in the week,according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1 percent in early trade, while Japan's Nikkei stock average fell 0.8 percent, it said.

Hong Leong IB Research in a market preview Wednesday said the FBM KLCI was expected to trade range bound in the near term amid rich valuations, toppish technicals and nagging domestic concerns such as potential more 2015 earnings downgrade, depressed Ringgit, volatile oil prices, IMDB debt saga, GST risk and potential credit rating downgrade by Fitch (end May).

“Stiff resistances are 1830-1850 while supports fall on 1790-1800,” it said.

 

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