Thursday 28 Mar 2024
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KUALA LUMPUR (April 22): The FBM KLCI pared some of its gains at the midday break today, but stayed up 0.34% after briefly breaching the 1,630-point level.

At 12.30pm, the FBM KLCI was up 5.52 points to 1,627.59. The index had earlier risen to its intra-morning high of 1,630.91.

Gainers led losers by 409 to 223, while 491 counters traded unchanged. Volume was 2.56 billion shares valued at RM1.71 billion.

The gainers included Tasek Corp Bhd, DWL Resources Bhd, Lafarge Malaysia Bhd, Malaysia Airports Holdings Bhd, Iskandar Waterfront City Bhd, Ekovest Bhd, Gamuda Bhd, Hengyuan Refining Company Bhd and PLS Plantations Bhd.

The actives included Ekovest, Econpile Holdings Bhd, Iris Corp Bhd, Sapura Energy Bhd, Bumi Armada Bhd, Gadang Holdings Bhd and Malaysian Resources Corp Bhd.

The decliners included Nestle (M) Bhd, Hong Leong Industries Bhd, Allianz Malaysia Bhd, Rapid Synergy Bhd, Kuala Lumpur Kepong Bhd and Petronas Dagangan Bhd.

Most Southeast Asian stock markets advanced on Monday as a string of strong US corporate earnings coupled with robust economic data boosted risk sentiment, while Indonesia fell more than 1% after sharp gains last week, according to Reuters.

Positive quarterly results from industrials stocks and glowing US retail sales data on Friday assuaged concerns about the health of the world's largest economy, driving a rally on Wall Street, the newswire said.

Affin Hwang Capital Research said the FBM KLCI Index ended last week on a slightly muted noted, gaining 2.34 points or 0.1% only to close at 1,622.07.

"To recap last week, the index started off on a calm tone. However, moving towards mid-week, sellers pushed prices lower, retesting the 1,630 immediate support and managed to break below the level.

"Prices went on to retest the 1,615 key support, pushing prices all the way towards a low of 1,609.83 before buyers took over with prices closing above 1,615.

"We may see the struggle between bulls and bears at support moving through this week," the research house said.

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