Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Nov 20): The FBM KLCI reversed its losses at the midday break today but gains were seen limited as the local market continued to stay its course on consolidation.

At 12.30pm, the FBM KLCI was up 1.76 points to 1,661.82. The index had earlier slipped to its intra morning low of 1,657.13.

The gainers included Nestle (M) Bhd, HCK Capital Group Bhd, Malaysian Pacific Industries Bhd, Teck Guan Perdana Bhd, Latitude Tree Holdings Bhd, Genting Plantations Bhd, C.I. Holdings Bhd, Oriental Holdings Bhd, Ta Ann Holdings Bhd and United Malacca Bhd.

The actives included Instacom Group Bhd, Globaltec Techology Bhd, E.A. Holdings Bhd, Hibiscus Petroleum Bhd, China Automobile Parts Holdings Bhd, Borneo Oil Bhd, D.B.E. Gurney Resources Bhd and IFCA MSC Bhd.

The top losers included British American Tobacco (M) Bhd, Panasonic Malaysia Manufacturing Bhd, DKSH (M) Holdings Bdh, Lay Hong Bhd, Hap Seng Consolidated Bhd, Sarawak Oil Palms Bhd and Pestech International Bhd.

Asian shares were set to hold on to this week's gains, while the dollar took a breather on Friday after stepping back from seven-month highs as investors grappled with the prospects of higher U.S. borrowing costs and slower global economic growth, according to Reuters.

Commodity prices were pressured, with copper near 6-1/2-year lows and a major sea freight index hitting its lowest level on record, underscoring worries over slackening world demand, it said.

BIMB Securities Research said that in Asia, key indices ended mostly higher yesterday on bargain hunting and returning of foreign investors.

It said that back home, the FBM KLCI gained 3.56 points or 0.21% to end at 1,660.06, lifted mainly by banking and telco stocks.

“Trading participation saw net buying by foreign institutions while local institutions and retail were net sellers.

“We expect the local market to extend its consolidation stage as investors would remain cautious due to mixed sentiments around world with the index hovering circa 1,660-1,665,” it said.

 

      Print
      Text Size
      Share