Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (July 4): The FBM KLCI extended its loss in early trade this morning, weighed by key index-linked banking stocks and Tenaga Nasional Bhd.

At 9.05am, the FBM KLCI dipped 2.38 points to 1,687.67.

Among the early decliners were Hong Leong Bank Bhd, Tenaga Nasional, Public Bank Bhd, JF Technology Bhd, Genting Bhd, Petronas Chemicals Group Bhd, VitRox Corp Bhd and Malayan Banking Bhd.

Asian stocks looked set for gains after their U.S. counterparts rose to all-time highs in thin trading ahead of a holiday. The rally in global bonds extended, according to Bloomberg.

Futures in Japan, Australia and Hong Kong all pointed higher after the S&P 500 climbed for a fifth day. Stock investors piled into high dividend-yielding sectors like utilities and REITs after 10-year Treasury yields dipped to the lowest since November 2016. The dollar slipped amid mixed economic data, though traders’ focus remained on Friday’s jobs numbers, it said.

Kenanga IB Research said most Asian markets ended lower yesterday as investor sentiments dampened by renewed global trade concerns.

It said that similarly, the FBM KLCI slid 0.95 points (-0.06%) to end at 1,690.05.

“Chart-wise, the index has broken above its previous swing high of 1,682.23 after a short a consolidation phase.

“We believe the underlying trend remains bullish as the index remains above its key SMAs. From here, resistances can be found at 1,700 (R1).

“A break above should see the index trend higher towards 1,730 (R2). Conversely, downside supports can be identified at 1,650 (S1) and 1,600 (S2),” it said.

      Print
      Text Size
      Share