Friday 29 Mar 2024
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KUALA LUMPUR (May 20): The FBM KLCI notched up marginal gains at mid-morning today in line with its regional peers, as sentiment remained tepid.

At 10am, the FBM KLCI was up 1.90 points to 1,635.66.

The top gainers included UMW Holdings Bhd, Pestech International Bhd, Hong Leong Financial Group Bhd, Fraser & Neave Holdings Bhd, P.I.E. Industrial Bhd, SAM Engineering & Equipment Bhd, Ta Ann Holdings Bhd and Heineken Malaysia Bhd.

The actives included AirAsia X Bhd, Compugates Holdings Bhd, XOX Bhd, Vivocom International Holdings Bhd, Sanichi Technology Bhd and AirAsia Bhd.

The decliners included British American Tobacco (M) Bhd, Tasek Corporation Bhd, Hong Leong Industries Bhd, Panasonic Manufacturing Malaysia Bhd, UEM Edgenta Bhd, Boustead Holdings Bhd and Aeon Credit Services (M) Bhd.

Asian shares edged up on Friday but were on track for a weekly loss, while the dollar was poised for a winning week as comments from a key Federal Reserve (Fed) official led to increased betting on the Fed hiking interest rates as early as next month, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, though still down 0.7% for the week, it said.

Hong Leong IB Research said that today, it still expects the FBM KLCI to trend sideways with downside bias, mainly due to a drop in oil prices and the prospect of higher US interest rates which has been recently weakening ringgit against US dollar.

“Hence, the FBM KLCI is expected to find supports near 1,624, 1,614.14 and the psychological level of 1,600 before it could hit 1,580-1,575 territories,” it said.

 

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