Friday 29 Mar 2024
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KUALA LUMPUR (Sept 17): The FBM KLCI retreated at the midday break today, in line with subdued regional markets.

Oil and gas-related stocks remained in focus at Bursa Malaysia as crude oil prices stayed elevated following the weekend attacks at the Aramco facilities.

At 12.30pm, the FBM KLCI dipped 0.31 points to 1,600.94. The index had earlier risen to a high of 1,609.97.

Losers led gainers by 284 to 241, while 545 counters traded unchanged. Volume was 1.63 billion shares valued at RM1.04 billion.

The decliners included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd and Nestle (M) Bhd.

The actives included Sapura Energy Bhd, Bumi Armada Bhd, Green Packet Bhd, MNC Wireless Bhd, Vsolar Group Bhd and KNM Group Bhd.

The gainers included Allianz Malaysia Bhd, Petronas Dagangan Bhd, Hengyuan Refining Co Bhd, Magni-Tech Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Petronas Chemicals Group Bhd, Fraser & Neave Holdings Bhd and Guan Chong Bhd.

Most Southeast Asian markets were subdued on Tuesday, with the Philippine index posting sharp losses as soaring crude prices following attacks on Saudi Arabian facilities put pressure on the importer-nation, according to Reuters.

The attacks have halved the kingdom's oil output, creating the biggest disruption to global oil supplies in decades, denting investor sentiment in oil-importing nations of the Philippines and Indonesia, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat to end last week, up 0.25 points or 0.02% only on Friday, closing at 1,601.25.

"Anticipate the FBM KLCI Index to continue congesting sideways amidst the lack of fresh bullish catalysts. Moving forward, downward bias perceived as limited for the short-term time frame as traders anticipate market to [temporarily] improve in the near term.

"Looking at current market conditions, investors may choose to adopt a range trading strategy until the direction is clearer.

"Anticipate the index to trade sideways within a tight range," it said.

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