Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 29): The FBM KLCI remained in negative territory at mid-morning today in line with the cautious regional markets.

At 10.10am, the FBM KLCI fell 3 points to 1,660.44.

The top losers included British American Tobacco (M) Bhd, Petron Malaysia Refining and Marketing Bhd, Petronas Dagangan Bhd, Hual Lai Resources Bhd, Lay Hong Bhd, YSP Southeast Asia Bhd, AMMB Holdings Bhd, PPB Group Bhd and Genting Bhd.

The actively traded stocks included AirAsia X Bhd, Borneo Oil Bhd, AirAsia Bhd, Minetec Resources Bhd, PUC Founder (MSC) Bhd, Wintoni Group Bhd, Ho Wah Genting Bhd and XOX Bhd.

The gainers included P.I.E. Industrial Bhd, Panasonic Malaysia Manufacturing Bhd, Carlsberg Brewery (M) Holdings Bhd, Selangor Properties Bhd, Thong Guan Industries Bhd, Hartalega Holdings Bhd, Axiata Group Bhd and Hap Seng Consolidated Bhd.

Asian stocks were off to a cautious start on Monday after a weekend meeting of the Group of 20 economic policymakers ended with no new coordinated action to spur global growth and as solid U.S. data revived expectation of a U.S. rate hike before year-end, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent, while Australian shares were up 0.4 percent and South Korean shares were flat, it said.

Hong Leong IB Research said the FBM KLCI is likely to extend last week’s consolidation following the G20 stalemate, volatility in oil prices, more clarity about the Fed’s rate hike path coupled with concern of slowing global economies.

“Weekly resistances are 1680-1700 levels while supports fall on 1,642-1,650,” it said.

 

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