Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 6): The FBM KLCI managed to stay above the 1,670-level at the midday break today, despite the dip at most regional markets.

At 12.30pm, the FBM KLCI was up 4.64 points to 1,670.34.

Gainers led losers by 473 to 295, while 338 counters traded unchanged. Volume was 1.32 billion shares, valued at RM972.76 milion.

The major gainers included Panasonic Malaysia Manufacturing Bhd, Genting Plantations Bhd, Malaysian Pacific Industries Bhd, Can-One Bhd, Top Glove Corporation Bhd, Asia File Corporation Bhd, Kuala Lumpur Kepong Bhd and Karex Bhd.

The actively-traded stocks included Instacom Group Bhd, RGB International Bhd, Tiger Synergy Bhd, Kim Teck Cheong Consolidated Bhd, JAG Bhd and Emico Holdings Bhd.

The top losers included British American Tobacco (M) Bhd, Shangri-La Hotels (Malaysia) Bhd, Huat Lai Resources Holdings Bhd, Globetronics Technology Bhd, Allianz (M) Bhd, Time Dotcom Bhd, Petronas Dagangan Bhd and MBM Resources Bhd.

Asian stocks fell on Wednesday, as Beijing continued guiding the yuan lower and a survey pointed to weakness in China's services sector, while the Japanese yen drew support from risk aversion, according to Reuters.

Talk of a possible nuclear test in North Korea, further soured sentiment in Asia. South Korea's KOSPI and the won both lost about 0.6%, it said.

BIMB Securities Research said that stocks in Asia ended lower yesterday, as investors remained cautious due to high volatility in Chinese markets.

Back home, it said the FBM KLCI ended higher, gained 12.33 points or 0.75% to 1,665.70, lifted mainly by O&G stocks.

“Trading participation saw net buying by local institutions, while foreign institutions and local were net sellers.

“We expect the local market to remain positive today, following overnight gains in the west, with immediate resistance at 1,675/1,680,” 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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