Friday 29 Mar 2024
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KUALA LUMPUR (April 20): The FBM KLCI lost 0.31% at the midday break today as blue chips dipped in line with most regional markets.

At 12.30pm, the FBM KLCI fell 5.89 points to 1,889.29. The index had earlier fallen to its intra-morning low of 1,886.67.

Losers led gainers by 389 to 150, while 554 counters traded unchanged. Volume was 1.44 billion shares valued at RM909.74 million.

The top losers included Heineken Malaysia Bhd, Hengyuan Refining Co Bhd, Nestle (M) Bhd, Petron Malaysia Refining & Marketing Bhd, Hong Leong Bank Bhd, Genting Bhd and Publiv Bank Bhd.

The actives included Sapura Energy Bhd, Nexgram Holdings Bhd, PUC Bhd, Borneo Oil Bhd, Vizione Holdings Bhd, KNM Group Bhd, Hibiscus Petroleum Bhd, Sumatec Resources Bhd and UMW Oil & Gas Corp Bhd.

The gainers included Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Far East Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Lotte Chemical Titan Holding Bhd, Hong Leong Financial Group Bhd and LPI Capital Bhd.

Asian shares slipped on Friday as a warning on smartphone demand from the world's largest contract chipmaker slugged the tech sector, while high oil prices stirred inflation fears and undermined sovereign bonds, according to Reuters.

Apple led the way after Taiwan Semiconductor Manufacturing Co Ltd cut its revenue target to the low end of forecasts and blamed softer demand for smartphones, it said.

Affin Hwang Capital Research said despite softer US market, it opines that the local market will continue its bullishness after the FBM KLCI Index staged an interesting breakout above its immediate resistance of 1,880 yesterday.

"Going forward, we anticipate stocks in Bursa to be more vibrant than before whilst the Index [explore] new high with a technical target range of 1,900-1,923 level.

"Sentiments in the local market [remain] bullish with election year hypes, surge in crude oil prices, stronger ringgit and stabilising CPO (crude palm oil) price all positively incongruent and highly supportive of the market.

"Investors should anticipate more bullish surprises in the near future. Accumulate quality stocks on price weakness," it said.

 

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