Friday 29 Mar 2024
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KUALA LUMPUR (Feb 17): The FBM KLCI sustained its meagre gains at the midday break today in line with its regional peers that consolidated two days' gains.

At 12.30pm, the FBM KLCI was up 2.04 points at 1,667.03. The index had earlier fallen to its intra-morning low of 1,658.27.

The gainers included SAM Engineering & Equipment Bhd, British American Tobacco (M) Bhd, Karex Bhd, Amway (M) Holdings Bhd, PPB Group Bhd, Kobay Bhd, IOI Corporation Bhd, Grand Hoover Bhd and Nestle (M) Bhd.

The actives included Vivocom Intl Holdings Bhd, Hubline Bhd, MMAG Holdings Bhd, Compugates Holdings Bhd, UEM Sunrise Bhd and Nexgram Holdings Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Lafarge Malaysia Bhd, DKSH (M) Holdings Bhd, Negri Sembilan Oil Palms Bhd, Petronas Chemicals Group Bhd, Hong Leong Industries Bhd, Suiwah Corporation Bhd and Genting Bhd.

Asian shares were taking a breather on Wednesday after two sessions of solid gains, while oil prices swung higher as the market reconsidered the chances of a meaningful deal to restrict supply later in the year, according to Reuters.

The mood was still skittish — when China set a slightly lower guidance rate for its yuan, the yen and safe-haven bonds got an instant boost. As investors realised this was not some message from Beijing on devaluation, the moves quickly reversed, it said.

BIMB Securities Research said that in Asia, markets closed mostly higher after Wall Street surged overnight on news that Saudi Arabia and Russia agreed to freeze oil output, shrugging off the recent global rout, at least temporarily.

The research house said that in line with other regional market, the FBM KLCI ended higher, surged 15.03 points or 0.91% to 1,664.99.

"Trading participation shows net selling by local retail and foreign institutions while local institutions were net buyers.

"We expect the local market to continue its rally and to trend around 1,665–1,675," it said.

 

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