Thursday 28 Mar 2024
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KUALA LUMPUR (June 6): The FBM KLCI reversed some of its losses at mid-morning today as a relief rally lifted the local index higher.

At 10am, the FBM KLCI was up 5.90 points to 1,642.36.

The top gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Tasek Corporation Bhd, Teck Guna Perdana Bhd, Scientex Bhd, PPB Group Bhd, KLCC Property Holdings Bhd, Ajinomoto (Malaysia) Bhd, Hong Leong Industries Bhd and AirAsia Bhd.

The actives included AirAsia Bhd, Spring Gallery Bhd, LKL International Bhd, Iris Corporation Bhd, Metronic Global Bhd, AirAsia X Bhd, XOX Bhd and Salutica Bhd.

The top losers included Lay Hong Bhd, Panasonic Malaysia Manufacturing Bhd, Lii Hen Industries Bhd, KPJ Healthcare Bhd, Top Glove Corporation Bhd, Farm Best Bhd, Time Dotcom Bhd, Tomypak Holdings Bhd and Boustead Heavy Industries Corporation.

Asian shares rose on Monday and the dollar wallowed close to its lowest in nearly a month after U.S. nonfarm payrolls showed the slowest job growth in more than five years, quashing expectations for a near-term U.S. interest rate hike, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent in early trade. Wall Street ended down on Friday, though off session lows, with the S&P 500 finishing within just 1.5 percent of its record closing high, it said.

Hong Leong IB Research said the ugly US jobs data last week which may prompt Fed to delay interest rate hike this month is likely to see relief strength in Ringgit against USD.

It said coupled with bottoming-up technical readings, the benchmark key index may also stage a relief rally towards 1650.

“Having said that, we are of the view that any relief rally will be capped as overall sentiment remains cautious ahead of FOMC meeting on 14-15 this month; uncertainty surrounding the looming BREXIT; higher expectation of lower market consensus for the FBM KLCI year-end target due to lackluster local earnings result; as well as the beginning of fasting month,” it said.

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