Thursday 28 Mar 2024
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KUALA LUMPUR (April 3): The FBM KLCI reversed its losses from earlier in the morning and climbed higher at mid-morning, but gains were seen limited by possible profit taking.

At 10.03am, the FBM KLCI rose 4.29 points to 1,836.26.

The top gainers included British American Tobacco (M) Bhd, Danainfra Nasional Bhd, Kuala Lumpur Kepong Bhd, Cahya Mata Sarawak Bhd, Dutch Lady Milk Industries Bhd, PPB Group Bhd. Telekom Malaysia Bhd, Hong Leong Financial Group Bhd and Tenaga Nasional Bhd.

The actives included Ingenuity Consolidated Bhd, Genetec Technology Bhd, Nova MSC Bhd, Takaso Resources Bhd, Systech Bhd, Nexgram Holdings Bhd and Iris Corporation Bhd.

The top losers included Kossan Rubber Industries Bhd, Rapid Synergy Holdings Bhd, V S Industry Bhd, Only World Group Holdings Bhd, Parkson Group Holdings Bhd, Hong Leong Bank Bhd and MMC Corporation Bhd.

The dollar stuck to its recent ranges in holiday-thinned trading on Friday and stocks edged up as investors awaited key U.S. employment figures for possible clues on when the Federal Reserve will hike interest rates, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, while Japan's Nikkei stock average was up 0.3 percent. Wall Street logged modest gains ahead of the holiday after two losing sessions, it said.

Hong Leong IB Research said that tracking bullish China markets amid expectations of more monetary easing and the FBM KLCI recent breakout above downtrend line and 200-d SMA resistance, the local market could head higher towards 1843-1850 in the short term.

“However, strong profit taking will cap further upside beyond 1,850 amid lack of fresh catalysts,” it said.

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