Thursday 28 Mar 2024
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KUALA LUMPUR (July 7): The FBM KLCI reversed its earlier gains and fell 0.67% on profit taking at the midday break on Tuesday, as regional markets paused for a breather.

At 12.30pm, the FBM KLCI lost 10.53 points to 1,566.37, as most of the indices turned red. The index had earlier risen to a high of 1,587.64.

Losers overtook gainers by 458 to 252, while 658 counters traded unchanged. Trading volume rose to 5 billion shares valued at RM2.77 billion.

The top losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Maxis Bhd, KKB Engineering Bhd, PPB Group Bhd, Tien Wah Press Holdings Bhd, My EG Services Bhd and Dutch Lady Milk Industries Bhd.

The actives included DGB Asia Bhd, Anzo Holdings Bhd, AT Systematization Bhd, JCY International Bhd, Borneo Oil Bhd, MQ Technology Bhd, Nova MSC Bhd, Comfort Gloves Bhd and AirAsia Group Bhd.

The gainers included ViTrox Corp Bhd, Public Bank Bhd, Hong Leong Financial Group Bhd and Panasonic Manufacturing Malaysia Bhd.

Reuters said Asian shares paused for breath on Tuesday following a surge sparked by speculation Beijing is trying to orchestrate a major domestic bull run to support an economy hit by the coronavirus and a standoff with Washington.

MSCI's broadest index of Asia-Pacific shares outside Japan was last down 0.25%, a seemingly inevitable correction after sharp gains of 7% in just five days that took it to a 4½-month high, it said.

Hong Leong IB Research said the bullish technical momentum and robust economic data coming out from the US and China, and hopes an effective vaccine should be ready for the second wave of Covid-19 would fuel optimism over further KLCI recovery momentum ahead.

“Moreover, the return of foreign buying (after a 13th straight net selling since June 16), as well as an expectation of an OPR cut on July 7 (based on consensus), the index could trend higher towards 1,591-1,600 region before imminent profit-taking ahead of the Parliament resitting on July 13,” it said.

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