Thursday 28 Mar 2024
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KUALA LUMPUR (March 17): The FBM KLCI retreated in early trade on Tuesday due to laclof fresh catalysts at the local market.

At 9am, the FBM KLCI was down 0.58 points to 1,779.96.

The top losers included Malaysia Smelting Corporation Bhd, Sime Darby Bhd, MISC Bhd, Malaysian Pacific Industries Bhd, Parkson Group Holdings Bhd, Top Glove Corporation Bhd, Bursa Malaysia Bhd, Can-One Bhd, IHH Healthcare Bhd and KPJ Helathcare Bhd.

Asian shares got a boost on Tuesday from Wall Street's rise, as investors positioned for the possibility that weaker-than-expected U.S. data will prompt the Federal Reserve to adopt a cautious stance this week, according to Reuters.

Crude oil remained under pressure from a global supply glut, after U.S. crude lost as much as 4 percent in the previous session to hit a six-year low. It was last down about 0.1 percent at $43.85 a barrel, it said.

BIMB Securities Research in a market preview Tuesday said key regional markets ended mixed with strong gains in Hong Kong due to stronger corporate earnings while Japanese stocks closed lower due to stronger yen.

Back home, it said the FBM KLCI ended lower, losing 1.21 points to 1,780.54 dragged down by O&G and plantation counters.

“Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.

“We expect the local market to remain flat today due to lack of fresh catalysts with immediate resistance at 1,790 while support at 1,770,” it said.

 

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