Friday 29 Mar 2024
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KUALA LUMPUR (July 10): The FBM KLCI pared some of its loss at the midday break today, as regional markets edged higher.

At 12.30pm, the FBM KLCI was down 4.11 points to 1,678.76. The index had earlier slipped to a low of 1,678.39.

Losers led gainers by 305 to 207, while 552 counters traded unchanged. Volume was 1.3 billion shares valued at RM985.09 million.

The decliners included Chin Teck Plantations Bhd, Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Allianz Malaysia Bhd, Petronas Chemicals Group Bhd, Aeon Credit Service (M) Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd and Public Bank Bhd.

The actives included UWC Bhd, London Biscuits Bhd, Homeritz Bhd, Green Packet Bhd, KNM Group Bhd, Bumi Armada Bhd and Barakah Offshore Petroleum Bhd.

The gainers included UWC, KESM Industries Bhd, Yinson Holdings Bhd, Amway (M) Holdings Bhd, Dufu Technology Corp Bhd, Kawan Food Bhd, Revenue Group Bhd, UMW Holdings Bhd and Malaysia Airports Holdings Bhd.

Most Southeast Asian stock markets rose slightly on Wednesday in thin trade, with Singapore leading the gains, as markets awaited further direction from US Federal Reserve Chair Jerome Powell's congressional testimony slated later in the day, according to Reuters.

Expectation of a dovish rate policy has been a major stimulant to movement over the last few months, in the face of a global economic slowdown due to the Sino-US trade war, it said.

Affin Hwang Capital Research said the FBM KLCI Index rebounded on Tuesday, gaining 5.23 points or 0.31%, closing at 1,682.87.

"On the daily chart, technical indicators (MACD [moving average convergence divergence], RSI [relative strength index] & Stochastic) are beginning to show early signs of turning lower. MACD is starting to cross below the Signal line while RSI & Stochastic are pointing lower, exiting overbought regions.

"All of these indicate a possible downward reversal to happen.

"Anticipate the index to move sideways with downward bias," it said.

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