Friday 29 Mar 2024
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KUALA LUMPUR (July 13): The FBM KLCI struggled to breach the 1,760-point level in the morning session and instead retreated at the midday break, dragged by losses at Axiata Group Bhd and DiGi.Com Bhd.

At 12.30pm, the FBM KLCI shed 1.78 points to 1,755.46. The index had earlier risen to its intra-day high of 1,760.66.

The top losers included Danainfra Nasional Bhd, Axiata, Hap Seng Consolidated Bhd, Panasonic Manufacturing Malaysia Bhd, Him Hin Industry Bhd, DiGi, KESM Industries Bhd, Lotte Chemical Titan Holding Bhd and Enra Group Bhd.

The actives included Frontken Corp Bhd, Mlabs Systems Bhd, UMW Oil & Gas Corp Bhd, Ideal Jacobs (M) Corp Bhd, Careplus Group Bhd and Pasukhas Group Bhd.

The gainers included Nestle (M) Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, ViTrox Corp Bhd, Malaysian Pacific Industries Bhd, Genting Bhd, Petron Malaysia Refining & Marketing Bhd, Hong Leong Financial Group Bhd and UMW Holdings Bhd.

Asian shares scaled a two-year top on Thursday, as investors wagered policy tightening in the United States would be glacial at best, lifting Wall Street to record peaks and lowering bond yields almost everywhere, according to Reuters.

The star performer was the Canadian dollar, which rocketed to 11-month highs after the country's central bank hiked rates for the first time in seven years and left the door wide open to further moves, Reuters said.

Affin Hwang IB vice president Datuk Dr Nazri Khan Adam Khan said the FBM KLCI index was anticipated to stage a relief rebound, in line with regional markets.

“Nevertheless, a handful of large cap stocks remain on the verge of consolidation as prices stretched and upheld within overbought territory, small cap rotational play to continue, whilst laggard quality stocks [are] expected to drift sideway,” Datuk Dr Nazri Khan said.

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