Thursday 28 Mar 2024
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KUALA LUMPUR (March 12): The FBM KLCI notched up some limited gains at mid-morning today, against the backdrop of firmer regional markets, lifted by select blue chips.

At 10am, the FBM KLCI was up 3.47 points to 1,668.10.

Gainers led losers by 332 to 172, while 289 counters traded unchanged. Volume was 810.29 million shares valued at RM362.85 million.

The top gainers included Aeon Credit Service (M) Bhd, Carlsberg Brewery Malaysia Bhd, Westports Holdings Bhd, Press Metal Aluminium Holdings Bhd, Genting Bhd and CIMB Group Holdings Bhd.

The actives included Velesto Energy Bhd, Sapura Energy Bhd, Bumi Armada Bhd, My EG Services Bhd, Perdana Petroleum Teknologi Bhd and Prestariang Bhd.

The decliners included Nestle (M) Bhd, Chin Teck Plantations Bhd, Petronas Dagangan Bhd, PPB Group Bhd, Hong Leong Bank Bhd, KESM Industries Bhd, Spritzer Bhd and Pos Malaysia Bhd.

The pound jumped on Tuesday and Asian shares rose after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement, according to Reuters.

European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it, the newswire said.

Hong Leong IB Research said that in the US, investors will be anticipating highly on the trade agreement, whereby US President Donald Trump and China President Xi Jinping will be meeting face to face in order to iron out the trade details by next month (initially set in late March).

"Nevertheless, the current upside could be a short lived rebound as the recent released economic data (US jobs and China exports data) are still weak and may attract profit-taking activities moving forward.

"With the healthy rebound on Wall Street, we believe the sentiment on the local front may benefit and the FBM KLCI could be due for a mild rebound on the back of oversold technicals.

"However, the upside could be capped along 1,682 on the key index. Meanwhile, traders may look into construction, building materials and O&G sectors on the back of the potential revival of ECRL and firmer crude oil prices," it said.

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