Thursday 28 Mar 2024
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KUALA LUMPUR (July 26): The FBM KLCI extended its losses at mid-morning today, weighed by select blue chips in line with the cautious regional markets.

At 10am, the FBM KLCI lost 3.82 points to 1,664.44.

The top losers included Kuala Lumpur Kepong Bhd, PPB Group Bhd, Batu Kawan Bhd, Cycle & Carriage Bintang Bhd, Petronas Gas Bhd, Genting Bhd, Lay Hong Bhd, Bursa Malaysia Bhd and Hartalega Holdings Bhd.

The actives included TH Heavy Engineering Bhd, Borneo Oil Bhd, O&C Resources Bhd, ManagePay Systems Bhd, AirAsia X Bhd, Hiap Teck Venture Bhd and KNM Group Bhd.

The gainers included Dutch Lady Milk Industries Bhd, Huat Lai Resources Bhd, British American Tobacco (M) Bhd, Ajinomoto (Malaysia) Bhd, Ajiya Bhd, Malaysian Pacific Industries Bhd, Public Bank Bhd and Cahya Mata Sarawak Bhd.

Caution gripped Asian markets on Tuesday, sending the safe-haven yen higher ahead of central bank meetings in the United States and Japan, while a fresh skid in oil dampened energy stocks on Wall Street, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%, consolidating after recently topping out at nine-month highs, it said.

Hong Leong IB Research said that ahead of the Federal Open Market Committee and Bank of Japan (BOJ) meetings outcome, the market could turn cautious against any negative surprise from the Fed/BOJ and the development from the 1MDB saga coupled with expectations of another lacklustre August reporting season.

"Despite the negatives, optimism of better-than-expected US economic data and results, hopes of more mega project roll-outs by Malaysian government as well as policy easing by BNM to stimulate slowing economy, we remain hopeful that the FBM KLCI is able to defend the 1,630-1,640 supports in the short term," it said.

 

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