Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 16): The main index of Bursa Malaysia held its position above the 1,600-point threshold against a backdrop of strong regional markets.

At 12.30pm, the FBM KLCI had added 3.11 points to 1,611.18. The index earlier rose to a high of 1,613.01.

Gainers led losers by 532 to 278, while 708 counters traded unchanged. Trading volume was a brisk 8.28 billion shares valued at RM3.07 billion.

The gainers included Genetec Technology Bhd, Heineken Malaysia Bhd, BLD Plantation Bhd, Widetech (Malaysia) Bhd, Petronas Chemicals Group Bhd (PetChem), Malaysia Smelting Corp Bhd, Dataprep Holdings Bhd and Ark Resources Holdings Bhd.

The actively traded stocks included DGB Asia Bhd, ARB Bhd, Dataprep, Dagang NeXchange Bhd (DNeX), Lambo Group Bhd, Key Alliance Group Bhd and Pegasus Heights Bhd.

The decliners included Petronas Dagangan Bhd (PetDag), PPB Group Bhd, Malaysian Pacific Industries Bhd, Unisem (M) Bhd, Telekom Malaysia Bhd (TM), Pentamaster Corp Bhd, Tenaga Nasional Bhd (TNB), Tasco Bhd and KESM Industries Bhd.

Reuters said  Asian shares advanced today, putting world equities on course to extend their bull run for a 12th consecutive session as optimism about the global economic recovery and expectations of low interest rates drove investments in riskier assets.

Oil prices soared to a 13-month high as a deep freeze due to a severe snowstorm in the US not only boosted power demand but also threatened oil production in Texas, it said.

Hong Leong Investment Bank (HLIB) Research said following yesterday’s downtrend resistance breakout, the KLCI is poised to gain further ground amid a firmer external tone on optimism over the US Federal Reserve’s (Fed) dovish outlook, huge US stimulus package and more aggressive vaccine roll-outs globally.

“Sentiment will also be boosted by expectations of the National Covid-19 Immunisation Programme launch soon, which will further encourage the reopening of various economic sectors, restore consumer sentiment, as well as boost Malaysia’s economic growth and resilience.

“However, the upside is likely to remain capped by the 1,618-1,628-1,644 hurdles as the 4Q20 (fourth quarter of 2020) earnings season begins,” it said.

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