Thursday 28 Mar 2024
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KUALA LUMPUR (July 8): The FBM KLCI fell 0.44% at mid-morning today, as Genting Bhd and Malaysia Airports Holdings Bhd (MAHB) dragged.

At 10am, the FBM KLCI lost 7.44 points to 1,675.09.

Losers led gainers by 407 to 134, while 269 counters traded unchanged. Volume was 709.73 million shares valued at RM341.5 million.

The losers included Hong Leong Financial Group Bhd, MAHB, Hap Seng Consolidated Bhd, Genting, Harrisons Holdings (M) Bhd and Maxis Bhd.

The actives included Ekovest Bhd, Sumatec Resources Bhd, KNM Group Bhd, Iskandar Waterfront City Bhd, Kim Hin Joo (M) Bhd, Green Packet Bhd and London Biscuits Bhd.

The gainers included KESM Industries Bhd, British American Tobacco (M) Bhd, Time Dotcom Bhd, Yinson Holdings Bhd, SAM Engineering & Equipment (M) Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd and UMW Holdings Bhd.

Asian shares slipped on Monday as investors wagered on a less aggressive policy easing in the United States, while the Turkish lira held near two-week lows after the country's president dismissed its central bank governor over the weekend, according to Reuters.

Global equities have generally been bolstered by expectations that central banks will keep interest rates at or near record lows to boost economic growth, it said.

Hong Leong IB Research said that on Wall Street, the uptrend could sustain given the recent resumption of trade discussions between the US and China.

"Also, the recent increased expectations on a potential interest rate cut by the Fed could lift the market sentiment, at least for the near term. The Dow may range bound between 26,500 [and] 27,500.

"We believe sentiment on the local front may continue to stay sideways as the key index is overbought and the Brent oil prices have turned weaker, which is likely for market participants to take profit amongst O&G stocks that have rebounded recently.

"Nevertheless, traders may look into poultry-related and IT-related stocks as we noticed volumes have been picking up throughout the past week," he said.

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