Friday 29 Mar 2024
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KUALA LUMPUR (Dec 30): The FBM KLCI looked poised to end its penultimate trading day of 2019 on a high note after reversing its earlier losses and climbing 0.24% at the midday break on window-dressing activities, against the backdrop of retreating regional markets.

At 12.30pm, the FBM KLCI gained 3.9 points to 1,614.51. The index had slipped to a low of 1,608.76 this morning.

Gainers led losers by 305 to 263, while 535 counters traded unchanged. Volume was 1.35 billion shares valued at RM693.1 million.

The gainers included Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Allianz Malaysia Bhd, Genting Plantations Bhd, IJM Plantations Bhd, Sarawak Oil Palms Bhd, Tenaga Nasional Bhd, Kuala Lumpur Kepong Bhd and Hong Leong Financial Group Bhd.

The actives included Dynaciate Group Bhd, TDM Bhd, Sapura Energy Bhd, Rimbunan Sawit Bhd, KNM Group Bhd, AirAsia Group Bhd, FGV Holdings Bhd, DGB Asia Bhd and Eduspec Holdings Bhd.

The decliners included Heineken Malaysia Bhd, PPB Group Bhd, United Plantations Bhd, United Malacca Bhd, YNH Property Bhd, Hap Seng Consolidated Bhd, Berjaya Sports Toto Bhd and Malayan Cement Bhd.

A broad gauge of Asian share markets fell on Monday as investors consolidated gains after scaling 18-month highs last week, while oil was steady after the US carried out air strikes on an Iranian-backed Shi'ite Muslim militia group in Iraq and Syria, according to Reuters.

Around 0145 GMT, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.09% lower. The index had touched its highest level since June 19, 2018 on Friday, lifted by investor hopes that a US-China trade deal would be signed soon, it said.

Affin Hwang Retail Research said the FBM KLCI was up 7.06 points or 0.4%, to close at 1,610.61 on Friday (Dec 27).

"As we are approaching the end of the year, 'window dressing' is currently in play which will give the index and the overall market a boost.

"In terms of technicals, as the 20-day EMA (shorter-period) has crossed above the 50-day EMA (longer-period), this signifies that the short-term trend is currently pointing upwards.

"Hence, we may see the index retest the 1,615 immediate resistance moving towards the end of the year. If price surpasses the 1,615 level, next upside likely to be within 1,620-1,640," it said.

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