Thursday 28 Mar 2024
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KUALA LUMPUR (March 28): The FBM KLCI remained in the negative territory at mid-morning today, weighed by select blue chips.

At 10.08am, the FBM KLCI was down 2.29 points at 1,701.5.

The top losers included Panasonic Manufacturing Malaysia Bhd, Globetronics Technology Bhd, IHH Healthcare Bhd, Kwantas Corporation Bhd, CIMB Group Holdings Bhd, Cahya Mata Sarawak Bhd, Sarawak Oil Palms Bhd, Perak Corporation Bhd and Inari Amertron Bhd.

The actives included AirAsia Bhd, EKA Noodles Bhd, Comintel Corporation Bhd, RHB International Bhd, KNM Group Bhd and Red Sena Bhd.

The gainers included Dutch Lady Milk Industries Bhd, United Plantations Bhd, Genting Plantations Bhd, Oriental Holdings Bhd, Petronas Gas Bhd, Apollo Holdings Bhd and Tasek Corporation Bhd.

The dollar remained firm and Asian stocks edged higher on Monday after fairly strong consumer spending led to an upward revision in US economic growth in the fourth quarter, helping to underpin investor sentiment, according to Reuters.

"As long as the US economic recovery is continuing, I would think the rally in global equity markets will continue," said Mizuho Trust Bank chief strategist Takeru Ogihara.

Hong Leong IB Research said the brief pullback over the last three consecutive sessions has weakened the technical landscape, and it anticipated a pause in momentum to digest the overbought position.

"Immediate support is the support trendline near 1,696.

"Failure to defend this level will see the FBM KLCI to slip further towards 1,671–1,687 zones," it said.

 

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