Thursday 28 Mar 2024
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KUALA LUMPUR (March 26): The FBM KLCI retreated at the midday break as technicals remained weaker for the local index and broader local sentiment failed to latch on to the improved regional feel.

At 12.30pm, the FBM KLCI dipped 0.13 points to 1,649.02. The index had earlier risen to a high of 1,653.58.

Gainers led losers by 278 to 218, while 492 counters traded unchanged. Volume was 1.24 billion shares valued at RM713.97 million.

The decliners included Genting Plantations Bhd, Hai-O Enterprise Bhd, Imaspro Corp Bhd, MSM Malaysia Holdings Bhd, Batu Kawan Bhd, IOI Properties Group Bhd, Aeon Credit Service (M) Bhd, Malaysia Airports Holdings Bhd and Mentiga Corp Bhd.

The actives included Bumi Armada Bhd, Sapura Energy Bhd, Naim Holdings Bhd, My EG Services Bhd, Seacera Group Bhd and Scomi Energy Services Bhd.

The gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Syarikat Takaful Malaysia Keluarga Bhd, UMS Holdings Bhd, Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, Naim and Carlsberg Brewery Malaysia Bhd.

Asian shares bounced back on Tuesday after two days of losses as US 10-year Treasury yields edged higher, but the outlook remained murky as investors weighed the odds of whether the US economy is in danger of slipping into recession, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rebounded 0.3% after losing 1.4% in the previous session, it said.

Affin Hwang Capital Research said the FBM KLCI Index started off the week on a negative note, plunging 17.51 points or 1.05% yesterday.

"The index is now at 1,649.15, closing well below the recent low around 1,660. This confirms that a new downtrend is formed as prices are making lower high and lower low. Revised immediate resistance: 1,690-1,700.

"Currently, there are no clear signs of markets staging a rebound and we may see the index retest support around 1,630 as early as this week.

"Anticipate the FBM KLCI Index to further soften, potentially retesting the 1,630-1,615 level," it said.

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