Friday 29 Mar 2024
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KUALA LUMPUR (April 26): The FBM KLCI retreated at mid-morning today in line with the subdued regional markets.

At 10am, the FBM KLCI shed 1.88 points to 1,633.90. The index had earlier risen to a higher of 1,639.03.

Losers led gainers by 337 to 191, while 280 counters traded unchanged. Volume was 746.31 million shares valued at RM397.56 million.

The losers included Tasek Corp Bhd, Lafarge Malaysia Bhd, DKLS Industries Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd and MISC Bhd.

The actives included Ekovest Bhd, Tiger Synergy Bhd, Bumi Armada Bhd, Impiana Hotels Bhd, TDM Bhd, Hibiscus Petroleum Bhd and KNM Group Bhd.

The gainers included Unisem (M) Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Carlsberg Brewery Malaysia Bhd, G3 Global Bhd, Petron Malaysia Refining & Marketing Bhd, BIMB Holdings Bhd and Pharmaniaga Bhd.

Asian shares got off to a subdued start on Friday, while the US dollar held near two-year highs against the euro on speculation that data later in the day will show the US economy outperforming the rest of the developed world, according to Reuters.

The euro was off 1% for the week at US$1.1133 as euro zone economic figures continued to disappoint, it said.

Kenanga IB Research said Asian markets were mostly down after Wall Street retreated from record highs, with weak economic data around the world offsetting a forecast-beating earnings season.

It said back home, the FBM KLCI closed lower by 2.33 points (-0.14%) to 1,635.68.

"We retain our bearish outlook for the index at this juncture despite mild improvements seen in momentum indicators.

"Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2)," it said.

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