Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Sept 22): The FBM KLCI reversed its early gains and dipped at mid-morning on less than rosy outlook for the Asian region painted by the Asian Development Bank (ADB).

At 10.02am, the FBM KLCI was down 5.20 points to 1,634.27.

The top losers included Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Maxis Bhd, RHB Capital Bhd, Hong Leong Financial Group Bhd, YNH Property Bhd, Carlsberg Brewery (M) Holdings Bhd, Telekom Malaysia Bhd, DiGi.Com Bhd and Axiata Group Bhd.

Developing Asia is now expected to grow 5.8% and 6.0% this year and in 2016 respectively, down from the ADB's July forecast of 6.1% and 6.2% respectively, said ADB in its 2015 outlook update released on Tuesday.

Meanwhile, Asian shares rose on Tuesday and the dollar held steady as US markets bounced back and the European Central Bank said it was prepared to ease monetary policy further, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1%, with Australia up 1.1% and South Korea 0.1%. Japanese markets are shut through Wednesday, it said.

Hong Leong IB Research said that after a two-day selloff, the FBM KLCI near-term outlook has turned mildly negative, reflected by signs of fatigue in the daily chart.

“However, given its oversold hourly chart and overnight Dow rebound, we may witness a mild technical bounce today with key resistances at 1,652 and 1,674,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

      Print
      Text Size
      Share