Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 7): The FBM KLCI pared some of its gains at mid-morning today as regional markets remained muted.

At 10.01am, the FBM KLCI was up 3.53 points to 1,687.14. The index had earlier risen to a high of 1,691.19.

Gainers led losers by 204 to 144, while 215 counters traded unchanged. Volume was 265.25 million shares valued at RM127.97 million.

The gainers included Nestle (M) Bhd, KESM Industries Bhd, Mesiniaga Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd, MBM Resources Bhd, Can-One Bhd, Hong Leong Financial Group Bhd, Bursa Malaysia Bhd and PM Technology Bhd.

The actives included Sino Hua-Ann International Bhd, Seacera Group Bhd, Permaju Industries Bhd, Sapura Energy Bhd, Carmin Petroleum Bhd and Jag Bhd.

The decliners included United Plantations Bhd, Fraser & Neave Holdings Bhd, Tasek Corp Bhd, Ajinomoto (M) Bhd, Fima Corp Bhd, Choo Bee Metal Industries Bhd, AMMB Holdings Bhd, DiGi.Com Bhd and Perusahaan Sadur Timah Malaysia Bhd.

Asian share markets were in a muted mood on Thursday and looked set for a sleepy session with China still on holiday and no major economic data on the diary, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little moved in early trade after ending almost unchanged on Wednesday, it said.

Hong Leong IB Research said near term Dow’s prospects remain sanguine following strong US economic data and positive comments out of Washington on the trade talks coupled with a dovish Fed.

“However, investors are likely to stay mildly cautious, pending further trade talks agreement.

“Meanwhile, despite over 65% of the S&P 500 companies that reported so far managed to beat a sharp markdown in earnings and revenue expectations, 1Q19 earnings projections remain tepid and are likely to cap further strong gains ahead, with stiff resistances at 25700-26000,” it said.

On the FBM KLCI, it said potential trade deal between the US and China before the March dateline and dovish shift in Fed’s monetary stance would help risk-on sentiment on KLCI to recapture the 1700-1705 levels over the near term.

“However, we see stiff resistances near 1713-1726 (8 Nov high) as we are likely to experience a tepid Feb reporting season,” it said.

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