Friday 29 Mar 2024
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KUALA LUMPUR (June 17): The FBM KLCI edged up marginally at mid-morning today on some mid-year window dressing activities, in line with the uptick at most regional markets.

At 10.01am, the FBM KLCI was up 1.36 points to 1,723.60.

The top gainers included Time Dotcom Bhd, Harbour-Link Group Bhd, C.I. Holdings Bhd, SapuraKencana Petroleum Bhd. Genting Plantations Bhd, Syarikat Takaful Malaysia Bhd, My E.G. Services Bhd, Signature International Bhd and KESM Industries Bhd.

The actively traded stocks included Minetec Resources Bhd, AirAsia Bhd, IFCA MSC Bhd, AirAsia X Bhd, Nexgram Holdings Bhd, APFT Bhd, Frontken Corporation Bhd and Spring Gallery Bhd.

The top losers included AirAsia, Dutch Lady Milk Industries Bhd, Hume Industries Bhd, Pos Malaysia Bhd, Latitude Tree Holdings Bhd, Petronas Dagangan Bhd, Boustead Heavy Industries Bhd, Rev Asia Bhd and Oriental Holdings Bhd.

Asia shares inched higher while the dollar held firm on Wednesday as investors awaited the Federal Reserve's latest take on the U.S. economy and interest rates as almost a welcome diversion to the endless wrangling over Greece, according to Reuters.

A rally on Wall Street helped Japan's Nikkei gain 0.2 percent, while Australia's market rose 0.4 percent, it said.

Hong Leong IB Research said the FBM KLCI continues to be trapped in downtrend after hitting year-to-date (YTD) high of 1867.5 on April 27, given the headwinds ahead by internal and external uncertainties.

“Near term supports are 1718 (76.4% FR), 1706 (7 Jan low) and 1700 psychological level.

“Having nose-dived 7.8% or 146 pts from YTD high of 1867 (April 27) to 1,722 yesterday, we still believe 1,700 psychological level will be defended, given the presence of local funds support ahead of the widely-anticipated June window dressing and grossly oversold positions.

“Key resistances are 1,746-1,769,” it said.

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