Friday 29 Mar 2024
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KUALA LUMPUR (March 21): The FBM KLCI remained in negative territory at mid-morning today in line with the retreat at most regional markets.

At 10.01am, the FBM KLCI fell 3.14 points to 1,713.20.

The top losers included Petronas Gas Bhd, Pos Malaysia Bhd, Malaysia Airports Holdings Bhd, IHH Healthcare Bhd, Berjaya Sports Toto Bhd, Carlsberh Brewery (M) Holdings Bhd, Petronas Chemicals Group Bhd, Time Dotcom Bhd, Can-One Bhd, AMM Holdings Bhd and IOI Corporation Bhd.

The actives included Hubline Bhd, Pos Malaysia warrants, AirAsia X Bhd warrant, Vivocom International Holdings Bdh, Genetec Technology Bhd, Iris Corpoiration Bhd and DRB-Hicom Bhd.

The gainers included United Plantations Bhd, British American Tobacco (M) Bhd, Scientex Bhd, Hong Leong Industries Bhd, Kuala Lumpur Kepong Bhd, Aeon Credit Services (M) Bhd, PPB Group Bhd and Tenaga Nasional Bjhd.

Asian stocks took a step back on Monday after three consecutive weeks of gains as a retreat in oil prices left investors in a ponderous mood about the health of the global economy, according to Reuters.

Oil prices slipped for a second day, extending Friday's slide of over 1 percent after the U.S rig count rose for the first time since December, renewing worries of a supply glut after an output freeze proposal had helped boost the market to 2016 highs, it said.

Hong Leong IB Research said following a decisive close above 1710 levels (7 Mar 2016 high) last Friday, the FBM KLCI is expected to retest the 1727 (19 Oct 2015 high) and 1744 (3 Aug 2015 high) this week amid dovish stance by global central banks, soaring crude oil and CPO prices coupled with expectation of further strengthening Ringgit amid an extended consolidation in the USD index.

“Weekly supports are 1685-1700,” it said.

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