KLCI lags in line with region


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KUALA LUMPUR (Feb 27): The FBM KLCI retreated at mid-morning on Friday, in line with the lag at most regional markets.

At 10am, the FBM KLCI shed 3.96 points to 1,816.89.

The top losers included Lafarge Malaysia Bhd, Petronas Gas, Dutch Lady Milk Industries Bhd, DRB-Hicom Bhd, Hong Leon Industries Bhd, Malaysia Airports Holdings Bhd, Ibraco Bhd, AirAsia Bhd, Genting Bhd, British American Tobacco (M) Bhd and Scientex Bhd.

The actively traded counters included Hubline Bhd, Wintonic Resources Bhd, Daya Materials Bhd, Perisai Petroleum Teknologi Bhd, Pasukhas Group Bhd and Sumatec Resources Bhd.

The top gainers included Fraser & Neave Holdings Bhd, United Plantations Bhd, Panasonic Malaysia Manufacturing Bhd, LTKM Bhd, Kulim (M) Bhd, Nestle (M) Bhd, Can-One Bhd and Syarikat Takaful Malaysia Bhd.

Japanese stocks crawled to a fresh 15-year peak on Friday after the dollar surged against the yen as upbeat U.S. data flipped expectations back in favour of an early interest rate hike by the Federal Reserve, according to Reuters.

The rest of Asian equity markets lagged Japan after a sharp pullback in oil prices dulled risk appetite and sent Wall Street lower overnight, it said.

Hong Leong IB Research said that today, the FBM KLCI is likely to retest the critical downtrend line of 1820 amid strengthening ringgit and firmer crude oil prices.

“We continue to expect stiff resistance zones near 1820, 1830 and 1842 levels.

“Key supports fall on 1810, 1800 and 1784,” it said.