Thursday 28 Mar 2024
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KUALA LUMPUR (April 23): The FBM KLCI reversed its earlier gains at mid-morning today in line with the muted regional markets.

At 10am, the FBM KLCI shed 0.44 points to 1,887.31. The index had earlier risen to a high of 1,891.59.

Losers led gainers by 328 to 139, while 268 counters traded unchanged. Volume was 365.15 million shares valued at RM174.65 million.

The losers included KESM Industries Bhd, Hengyuan Refining Co Bhd, Latitude Tree Holdings Bhd, MNRB Holdings Bhd, Hartalega Holdings Bhd, YKGI Holdings Bhd and Globetronics Technology Bhd.

The actives included Sapura Energy Bhd, Panpages Bhd, UMW Oil & Gas Corp Bhd, Iris Corp Bhd, Sino Hua-An International Bhd, PUC Bhd, YKGI and Hibiscus Petroleum Bhd.

The gainers included Nestle (M) Bhd, Allianz Malaysia Bhd, Top Glove Corp Bhd, United Plantations Bhd, Far East Holdings Bhd, Carlsberg Brewery Malaysia Bhd, PMB Technology Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd and SAM Engineering & Equipment (M) Bhd.

Asian stocks started in muted fashion on Monday as investors braced for a bevy of earnings from the world's largest corporations, while keeping a wary eye on US bond yields as they approached peaks that had triggered ructions in the past, according to Reuters.

Markets were also anxiously awaiting surveys on global manufacturing for April to see if economic softness in the first quarter was just a passing phase linked to poor weather and the Lunar New Year holidays, it said.

Hong Leong IB Research in a traders' brief said that based on the recent developments on the ongoing reporting season, the better-than-expected results will be able to cushion out the downside move on the Dow.

"However, the guidance from TSMC may soften the outlook on the technology sector, contributing towards a potential downgrade in most of the tech giants in the US.

"Meanwhile, on the local front, we anticipate profit-taking activities to extend over the week after Wall Street trended weaker last week, especially in the technology stocks.

"Having said that, with the healthy positive inflows of foreign funds, KLCI's support will be located around 1,850," it said.

 

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