Thursday 28 Mar 2024
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KUALA LUMPUR (May 15): The FBM KLCI rose 6.82 points or 0.49% to settle at 1,404.07 at the close of this morning’s trading session, mirroring slight regional gains.

Market breadth was quite active with 5.14 billion shares traded for RM1.972 billion.

Top gainers included Green Packet Bhd, currently trading at a five-year high of RM1.21, Tenaga Nasional Bhd (TNB), up 24 sen or 1.97% to RM12.40, and MISC Bhd, climbing 20 sen or 2.56% to RM8.

Hong Leong Investment Bank (HLIB) said the KLCI could experience some degree of profit taking today as the market continues to digest Wednesday’s historic trading volume, which hit an all-time high of 9.59 billion shares valued at RM5.1 billion.

“On local stocks, we believe the focus would remain on Covid-19 winners, such as glove and healthcare-related stocks, but recent up[wards] move[ment] has sent these stocks into extremely overbought levels and elevated valuations, and hence a profit-taking pullback could cap further gains,” HLIB said in a trading note today.

Asian shares recovered slightly, tracking Dow Jones' overnight turnaround from a 459-point plunge to end 377 points higher at 23,625 as investors overlooked sombre comments on the US economic outlook.

According to Reuters, US President Donald Trump yesterday said he was very disappointed with China’s failure to contain the Covid-19 disease and that the pandemic had cast a pall over his January trade deal with Beijing. Trump also suggested he could even cut ties with China.

Despite this, in China, the Hang Seng Index rose 0.4%, while the Shanghai Composite Index climbed 0.18%. Japan’s Nikkei 225 gained 0.3%, while South Korea’s Kospi fell 0.1%.

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