Friday 29 Mar 2024
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KUALA LUMPUR (Sept 28): The FBM KLCI remained in negative zone at mid-morning but defended its position above the important 1,600-point level.

At 10.01am, the FBM KLCI lost 8.91 points to 1,606.10.

The top losers included LPI Capital Bhd, Public Bank Bhd, Petronas Dagangan Bhd, Keck Seng (Malaysia) Bhd, Xingquan International Sports Holdings Bhd, Hong Leong Bank Bhd, United Plantations Bhd, Top Glove Corporation Bhd, Genting Malaysia Bhd, DiGi.Com Bhd and Genting Bhd.

The actively traded stocks included The Media Shoppe Bhd, IFCA MSC Bhd, AirAsia Bhd, Privasia Technology Bhd, AirAsia X Bhd and APFT Bhd.

The top gainers included Lay Hong Bhd, Petronas Gas Bhd, SAM Engineering & Equipment Bhd, Malaysian Pacific Industries Bhd, Cocoaland Holdings Bhd, Hartalega Holdings Bhd, Scientex Bhd and Yinson Holdings Bhd.

Asian stocks struggled for traction on Monday after an uninspiring performance on Wall Street at the end of last week, while the dollar consolidated its gains against the yen and euro, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan stood virtually flat, while Tokyo's Nikkei lost 1.2% in early trade. Australian shares dipped 0.1%, it said.

Hong Long IB Research said that technically, the FBM KLCI was likely to resume its extended consolidation in the near term, given nagging external and internal concerns.

“However, we are hopeful that potential 3Q15 window dressing activities this week may uphold the 1,600 psychological support.

“A decisive fall below 1,596 (38.2% FR) support will signal a precursor to more weakness in the immediate term, targeting 1,561 (23.6% FR) next. Key resistances are 1,625–1,646,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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