Friday 29 Mar 2024
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KUALA LUMPUR (April 11): The FBM KLCI pared some of its gains at the midday break today, tracking the modest gains at most regional markets.

At 12.30pm, the FBM KLCI was up 0.43% or 8.04 points to 1,869.02. The index had earlier risen to a high of 1,870.43.

Gainers led losers by 446 to 204, while 618 counters traded unchanged. Volume was 2.52 billion shares valued at RM1.31 billion.

The gainers included KESM Industries Bhd, Ajinomoto (M) Bhd, Globetronics Technology Bhd, Malaysian Pacific Industries Bhd, Far East Holdings Bhd, British American Tobacco (M) Bhd, Chin Teck Plantations Bhd and ViTrox Corp Bhd.

The actives included Sapura Energy Bhd, Sino Hua-An International Bhd, SKH Consortium Bhd, Borneo Oil Bhd, PUC Bhd, Nexgram Holdings Bhd, UMW Oil & Gas Corp Bhd and Hibiscus Petroleum Bhd.

The decliners included Transocean Holdings Bhd, UMW Holdings Bhd, Sime Darby Plantation Bhd, Yinson Holdings Bhd, Nestle (M) Bhd, Unisem (M) Bhd, Asia File Corp Bhd and Lotte Chemical Titan Holding Bhd.

Asian stocks rose modestly on Wednesday, paring earlier gains as optimism that trade ties between Washington and Beijing were on the mend gave way to questions about the next phase of the diplomatic tit-for-tat between the two countries, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.35% higher. It gained 1.2% the previous day after a speech by Chinese President Xi Jinping was seen as striking a more conciliatory stance following a week of tit-for-tat tariff threats between Beijing and Washington, it said.

Affin Hwang Capital Research said stocks surged after conciliatory comments from US President Donald Trump and Xi aimed at releasing some pressure from the trade tensions between the world's biggest economies.

"Stocks in Bursa Malaysia might enjoy an extended rebound, however, stocks in general are apparently unfolding 'bearish flag patterns'.

"Anticipate profit takings soon," it said.

 

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