Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 25): The FBM KLCI pared some of its gains at the midday break today, as market breadth turned negative in line with the downtrend at most regional markets.

At 12.30pm, the FBM KLCI was up by 3.47 points to 1,680.50. The index had earlier risen to its intra-morning high of 1,684.77.

Market sentiment turned negative, with losers outpacing gainers by 625 to 198; while 314 counters traded unchanged. Volume was 1.55 billion shares, valued at RM1.12 billion.

The top gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Kim Teck Cheong Consolidated Bhd (KTC), Favelle Favco Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Petronas Chemicals Group Bhd and Lay Hong Bhd.

The actively-traded stocks included newly-listed KTC, Frontken Corporation Bhd, Instacom Group Bhd, Daya Materials Bhd, Genetec Technology Bhd, Inix Technologies Bhd and RGB International Bhd.

The top losers included Johore Tin Bhd, Kossan Rubber Industries Bhd, Top Glove Corporation Bhd, Hartalega Holdings Bhd, Latitude Tree Holdings Bhd and Asia File Corporation Bhd.

Asian stocks were on edge on Wednesday, with most markets stumbling as geopolitical tensions flared after Turkey downed a Russian fighter jet, while crude oil prices eased from two-week highs, according to Reuters.

Australian shares dipped 0.5%. South Korea's Kospi lost 0.2% and Hong Kong's Hang Seng dropped 0.5%. Japan's Nikkei shed 0.5%, it said.

JF Apex Securities Research said US stocks eke out gains amidst rally in oil prices and energy stocks.

It said revised third-quarter U.S. gross domestic product came within market expectation, up 2.1%, from the original reading of 1.5%.

Meanwhile, it added that European markets finished sharply lower on Tuesday, after Turkish fighter jets shot down a Russian warplane near the Syrian border.

“On the local market, the FBM KLCI gained 6.13 points or 0.4% to 1677.03 points.

“Following yesterday’s gain, the KLCI breached the short term downtrend channel. However, the index gave up intra-day gains yesterday, still signaling uncertainty.

“We expect the benchmark index to consolidate above 1670 points, on the back of stronger oil price, ringgit and improved market sentiment,” 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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