Friday 29 Mar 2024
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KUALA LUMPUR (Oct 19): The FBM KLCI kept its meagre gains and retested the 1,720-point resistance level at mid-morning today.

At 10.06am, the FBM KLCI was up 3.49 points to 1,720.31.

The top gainers included Petronas Gas Bhd, Top Glove Corporation Bhd, Ajiya Bhd, Asia File Corporation Bhd, PPB Group Bhd, Magni-Tech Industries Bhd, JobStreet Corporation Bhd, Pos Malaysia Bhd and Can-One Bhd.

The actively traded stocks included MQ Technology Bhd, Nexgram Holdings Bhd, Wintoni Group Bhd, XOX Bhd, UEM Sunrise Bhd, PUC Founder Bhd and AirAsia Bhd.

The decliners included United Plantations Bhd, UMW Holdings Bhd, KLCC Property Holdings Bhd, Time DotCom Bhd, Nestle (M) Bhd, Aeon Credit Services (M) Bhd, Petronas Dagangan Bhd, Bursa Malaysia Bhd and Tan Chong Motor Holdings Bhd.

Asian shares held little changed near two-month highs in early Monday trade, with investors looking to a range of economic data from China for clues to exactly how far China's growth has cooled down, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed but stayed near its two-month high hit on Friday. Japan's Nikkei slipped 0.2%, it said.

Hong Leong IB Research said all eyes will focus on the tabling of Malaysia Budget 2016 on Oct 23 on the back of challenging domestic and international headwinds.

“Hence, we expect the market to take a breather from its recent robust rally of 14.2% or 214 points since hitting a trough of 1,503 on Aug 24 to 1,713 on Oct 15, given the overbought daily indicators.

“Nevertheless, weekly chart continues to show medium-term positive outlook,” 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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