Friday 29 Mar 2024
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KUALA LUMPUR (Oct 29): The FBM KLCI fell 0.71% at the midday break today as profit-taking persisted at the local bourse while regional markets retreated.

At 12.30pm, the FBM KLCI fell 11.87 points to 1,674.64.

Losers overtook gainers by 373 to 357, while 321 counters traded unchanged. Volume was 1.21 billion shares valued at RM984.86 million.

The top losers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Tasco Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd, Lafarge Malaysia Bhd, IHH Healthcare Bhd, Kossan Rubber Industries Bhd, Genting Plantations Bhd and Genting Malaysia Bhd.

The actives included XOX Bhd, Genetec Technology Bhd, Trive Property Group Bhd, EA Holdings Bhd, Sumatec Resources Bhd, KNM Group Bhd and Iris Corporation Bhd.

The gainers included P.I.E. Industrial Bhd, Asia File Corporation Bhd, Ajiya Bhd, Carlsberg Brewery (M) Holdings Bhd, KESM Industries Bhd, Inari Amertron Bhd, Tasek Corporation Bhd and Huat Lai Resources Bhd.

Asian shares fell and the dollar stood tall on Thursday, after the US Federal Reserve (Fed) revived market expectations that it might still be on track to raise interest rates by year end, according to Reuters.

While Wall Street ended a volatile session with solid gains, apparently underpinned by the Fed's vote of confidence in the US economy, MSCI's broadest index of Asia-Pacific shares outside Japan extended losses to 1%, it said.

BIMB Securities Research said key regional indices ended mostly lower yesterday as investors were cautious ahead of the Fed statement.

Locally, it said the FBM KLCI lost 10.44 points or 0.6% to 1,686.51, led by foreign selling mainly on telco and oil and gas counters.

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

"We reckon the local market to trend higher today due to improved global sentiment after the US Federal Reserve left monetary policy unchanged and expect the index to hover around 1,690–1,700," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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