Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 25): The FBM KLCI pared some of its loss at the midday break today, while shares of highway builders and tolled road operators fell following the government saying it will start talks to buy out several highways and abolish toll collection in phases.

At 12.30pm, the FBM KLCI was down 1.05 points to 1,720.37. The index had earlier slipped to its intra-morning low of 1,717.41.

Losers led gainers by 325 to 263, while 487 counters traded unchanged. Volume was 1.5 billion shares valued at RM1.04 billion.

The top losers included Lingkaran Trans Kota Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Gamuda Bhd, Rapid Synergy Bhd, Batu Kawan Bhd, Hong Leong Financial Group Bhd, IJM Corp Bhd, PPB Group Bhd and Petronas Dagangan Bhd.

The actives included Dayang Enterprise Holdings Bhd, Sapura Energy Bhd, Perdana Petroleum Bhd, Gamuda, Naim Holdings Bhd, Ekovest Bhd, Barakah Offshore Petroleum Bhd, Seacera Group Bhd and Bumi Armada Bhd.

The gainers included Petra Energy Bhd, Heineken Malaysia Bhd, Dayang, KESM Industries Bhd, Malaysia Airports Holdings Bhd, Naim, Hong Leong Industries Bhd, SAM Engineering & Equipment (M) Bhd, Ann Joo Resources Bhd, Pos Malaysia Bhd and Deleum Bhd.

A surge in Shanghai shares led Asia higher on Monday after US President Donald Trump confirmed he would delay a planned hike in tariffs on Chinese imports as talks between the two sides made "substantial progress", according to Reuters.

Chinese blue chips jumped 3.5% to territory last trod in mid-June. That brought gains this year to 20%, helped in part by Beijing's efforts to pump new credit into the financial system, it said.

CIMB Retail Research said the FBM KLCI Index gained 32.6 points or 1.9% week-on-week, amid growing optimism over the US-China trade talks.

"Nevertheless, the follow-through buying interest did not carry on last Friday as market participants were cautious over the recent overheated trading activities.

"A reversal from here would not surprise us as the index formed a reversal bearish Tweezers Top pattern, which may trigger profit taking today. Resistance: 1,730 & 1,750. Support: 1,720 & 1,700," it said.

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