Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 8): The FBM KLCI rose 0.67% at mid-morning on Thursday as regional markets recovered from the recent slump.

At 10am, the FBM KLCI rose 11.53 points to 1,720.71.

The top gainers included British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, United Plantations Bhd, My E.G. Servuces Bhd, PPB Group Bhd, Hong Leong Financial Group Bhd, Malaysian Pacific Industries Bhd and RHB Capital Bhd.

The actively traded counters included Minetech Resources Bhd, Malayan United Industries Bhd, Iris Corporation Bhd, PDZ Holdings Bhd, Sumatec Resources Bhd and KNM Group Bhd.

The decliners included Ibraco Bhd, Scientex Bhd, Hartalega Holdings Bhd, Aeon Credit Services (M) Bhd, Affin Holdings Bhd and Astro Malaysia Holdings Bhd.

Asian stocks gained on Thursday after upbeat U.S. employment data tempered investor risk aversion that had pummelled global equities this week, while the euro held near a nine-year low, accirding to Reuters.

Hopes that the European Central Bank will embark upon bolder stimulus after data showing the euro zone had slipped into deflation also shored up risk assets, hit this week by concerns over tumbling oil prices and global economic weakness, it said.

JF Apex Securities Research said U.S. stocks jumped overnight with the S&P 500 rebounding from a five-session dive, as U.S. crude stopped a four-day skid, concerns eased about a Greek exit from the European Union and investors offered a favorable reaction to minutes from the Federal Reserve.

Similarly, it said Europe shares ended higher with investors anticipating more stimulus by the European Central Bank (ECB) after new data showed that the euro zone has entered into deflation.

“On the local market, the FBM KLCI dropped 7.40 points to 1709.18 points.

“Asian equity markets are expected to open higher today, stabilizing after recent volatility, as the fall in oil prices and concerns over a Greek departure from the euro zone abated. We expect the KLCI to rebound with support from 1700 points,” it said.

 

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