Friday 29 Mar 2024
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KUALA LUMPUR (June 11): The FBM KLCI pared some of its losses at the midday break as regional markets rose, while index-linked stocks helped minimise the KLCI's loss.

At 12.30pm, the FBM KLCI was down 1.44 points to 1,654.03. The index had earlier slipped to a low of 1,650.21.

Losers led gainers by 278 to 248, while 522 counters traded unchanged. Volume was 1.26 billion shares valued at RM895.54 million.

The top losers included Carlsberg Brewery Malaysia Bhd, Hong Leong Bank Bhd, UMW Holdings Bhd, Heineken Malaysia Bhd, Enra Group Bhd, Tenaga Nasional Bhd, New Hoong Fatt Holdings Bhd, PPB Group Bhd and BIMB Holdings Bhd.

The actives included Ekovest Bhd, Iskandar Waterfront City Bhd, Lambo Group Bhd, DWL Resources Bhd, Bumi Armada Bhd and Iris Corp Bhd.

The gainers included United Plantations Bhd, Panasonic Manufacturing Malaysia Bhd, MISC Bhd, Amway (M) Holdings Bhd, Magni-Tech Industries Bhd, Telekom Malaysia Bhd, Hong Leong Industries Bhd, Petronas Dagangan Bhd and SAM Engineering & Equipment (M) Bhd.

Asian stocks headed higher Tuesday as investor focus turned to the US-China trade arena, while Treasury yields were stable after Monday's gains, according to Bloomberg.

Japan's equity benchmark rose, while gains in Hong Kong and China were more modest as markets opened. Australia outperformed as Vocus Group surged after AGL Energy Ltd made a bid for the data network operator. US futures climbed. Earlier, the S&P 500 Index rose for a fifth straight session, though closed below its highs of the day. US President Donald Trump threatened to raise tariffs on China again if President Xi Jinping doesn't meet with him at the Group of 20 summit at month-end. The yuan bounced off its lows of the year. Crude oil traded above US$53 a barrel in New York, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed higher in yesterday's session to start the week on the right foot.

The index gained 6.14 points or 0.37%, closing at 1,655.47.

"Market breadth was skewed to the positive side with 613 gainers as compared to 276 losers. Actively traded stocks include Ekovest, Iskandar Waterfront City, Bumi Armada, Sapura Energy Bhd and My EG Services Bhd.

"Prices are now retesting the 10-day EMA (exponential moving average) once again. Daily technical indicators, namely MACD (moving average convergence divergence), RSI (relative strength index) & Stochastic are suggesting further upside is still possible.

"Short-term technical rebound still in progress but anticipated to be short lived," it said.

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