Friday 29 Mar 2024
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KUALA LUMPUR (Sept 29): The FBM KLCI retreated at mid-morning on Monday as regional markets appeared to shrug off the gains at Wall Street last Friday.

At 10.03am, the FBM KLCI dipped 0.55 points to 1,839.95.

Gainers led losers by 287 to 200, while 302 counters traded unchanged. Volume was 820.22 million shares valued at RM308.52 million.

The top losers included KLK, Timecom, UMW, LTKM, Carlsberg, BDB, Sarawak Plantations, IJM Land and DKSH.

Berjaya Corp was the mosty actively traded counter with 83.91 million shares done. The counter added two sen to 59 sen.

The other actives included PDZ, Focus, Daya Materials, Asia Bio, Takaso and JAG.

The top gainers included Aeon Credit, Press Metal, HLFG,Lafarge Malaysia, Narra, BAT, Tasek, Tecnic and IQ Group.

Regionally, the dollar hit a four-year peak against a basket of currencies in early Asian trade on Monday, bolstering Japanese shares, but other Asian shares shrugged off Friday's Wall Street rebound in the face of political unrest in Hong Kong, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent, hitting a 20-week low, it said.

Hong Leong IB Research said that this week, volatility may be reduced as the FBM KLCI was in the midst of bottoming out following the formations of three Hammers on 18/23/26 Sept, supported by the grossly oversold slow stochastics.

“In addition, the Dow’s rebound on 26 Sep and in anticipation of an end 3Q14 window dressing are expected to shore up the benchmark index.

“Key resistances are 1,852-1,867 whilst supports fall on 1,829-1,833,” it said.

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