Thursday 28 Mar 2024
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KUALA LUMPUR (March 26): The FBM KLCI pared some of its losses at the midday break today, but remained down 0.42% in line with the retreat at most regional markets.

At 12.30pm, the FBM KLCI was down 7.79 points to 1,857.43. The index had earlier fallen to its intra-morning low of 1,852.55.

Losers led gainers by 539 to 115, while 491 counters traded unchanged. Volume was 1.00 billion shares, valued at RM654.35 million.

The top losers included Nestle (M) Bhd, KESM Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Aeon Credit Service (M) Bhd, Hengyuan Raefining Company Bhd, Bursa Malaysia Bhd, Kossan Rubber Industries Bhd, Jaycorp Bhd and Public Bank Bhd.

The actives included Sapura Energy Bhd, Sumatec Resources Bhd, Priceworth International Bhd, Globaltec Formation Bhd, AirAsia X Bhd, Media Chinese International Ltd, UMW Oil & Gas Corp Bhd and PUC Bhd.

The gainers included United Plantations Bhd, Top Glove Corp Bhd, Alliance Bank Malaysia Bhd, New Hoong Fatt Holdings Bhd, Scientex Bhd, TH Plantations Bhd, Prestariang Bhd, LBI Capital Bhd and Sime Darby Bhd.

Fears of a full-blown trade war between the United States and China battered Asian shares again on Monday, keeping the safe haven yen near a 16-month peak as investors fretted over the fate of global growth, according to Reuters.

But E-Mini futures for the S&P 500 leapt 0.6%, an unusual move during early Asian hours, after the Wall Street Journal reported the United States and China have quietly started negotiating to improve U.S. access to Chinese markets, Reuters said.

AmBank Group chief economist and head of research Dr Anthony Dass said the Malaysian market will also be caught in the jitters, given that exports play a crucial role in driving the GDP and concerns on companies involved in the global supply chain production of the Chinese exports.

“From our technical analysis, the immediate note suggests more of a sideways trading pattern in the local stock market, with the KLCI hovering between 1,838 and 1,881 points,” Dass said.

Should the market surpass the 1,881 level, the next resistance is anticipated to be at the historical high of 1,896, he added.

However, Dass said if the market dips below the 1,838 level, the next major support is at 1,795, with the psychological mark at 1,700.

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