Friday 29 Mar 2024
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KUALA LUMPUR (Nov 19): The FBM KLCI pared some of its loss at the midday break today, and clawed back to recover the 1,600-point level.

At 12.30pm, the FBM KLCI was down 4.07 points to 1,600.29. The index had earlier slipped to a low of 1,595.15.

Losers led gainers by 308 to 236, while 518 counters traded unchanged. Volume was 1.23 billion shares valued at RM655.77 million.

The top losers included BLD Plantation Bhd, Hong Leong Financial Group Bhd, United Plantations Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, PPB Group Bhd, IHH Healthcare Bhd, Southern Acids (M) Bhd, KLCC Property Holdings Bhd and Aeon Credit Service (M) Bhd.

The actives included Tiger Synergy Bhd, Sapura Energy Bhd, Bumi Armada Bhd and KNM Group Bhd.

The gainers included G3 Global Bhd, Hong Leong Bank Bhd, Mi Technovation Bhd, Hong Leong Industries Bhd, Dutch Lady Milk Industries Bhd, Pharmaniaga Bhd, United Malacca Bhd and Nestle (M) Bhd.

Most Southeast Asian stock markets fell on Tuesday as lack of significant progress in US-China trade talks kept investors on the edge, while Malaysia slipped after the government announced new food safety standards for its vital palm oil industry, according to Reuters.

Markets digested mixed news about the trade negotiations overnight, after CNBC reported the mood in Beijing was pessimistic about the prospects of sealing an agreement, it said.

Affin Hwang Capital Research said the FBM KLCI Index posted solid gains on Monday, gaining 9.6 points or 0.6%, closing at 1,604.4.

"The index rebounded strongly from the 20-day EMA (exponential moving average) after trading just above it for the past two trading sessions. The 20-day EMA, which has previously acted as a resistance zone, has now potentially turned into a support area.

"Anticipate the index to trade within the 1,590-1,615 range in the immediate term," it said.

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