Friday 29 Mar 2024
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KUALA LUMPUR (April 8): The FBM KLCI got off to a muted start this morning against the backdrop of higher regional markets.

At 9.05am, the FBM KLCI dipped 0.31 points to 1,641.50.

The top losers included Heineken Malaysia Bhd, United Malacca Bhd, Public Bank Bhd, Berjaya Media Bhd, Petronas Chemicals Group Bhd, Tenaga Nasional Bhd, My EG Services Bhd, Berjaya Sports Toto Bhd and Tomei Consolidated Bhd.

Asian shares edged higher on Monday as investors cheered a much-needed rebound in U.S. payrolls, while looking forward to more policy stimulus in China, according to Reuters.

In a document published on the central government's website late on Sunday, Beijing said it would step up its policy of targeted cuts to banks' required reserve ratios to encourage financing for small and medium-sized businesses, it said.

Kenanga IB Research said Asian markets edged higher last Friday as investors’ hopes of a potential U.S. – China trade deal rise continue to rise.

It said back home, the FBMKLCI slipped 3.26 points (-0.20%) to close at 1,641.81, narrowing week-on-week loss to 0.1%.

“Overall, the outlook of the index appears to be consolidating evidenced by the distance of the key SMAs.

“However, we believe there is a possibility for the index to stage a rebound, as RSI seems to be bouncing off from the oversold territory, despite stochastic yet to show a positive sign.

“We look towards 1,660 (R1) and 1,700 (R2) as resistance levels,” it said.

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