Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (May 30): The FBM KLCI reversed its earlier loss and bucked the regional trend, rising 0.47% at mid-morning Thursday, lifted by gains including at Tenaga Nasional Bhd, AirAsia Group Bhd and Petronas-linked stocks.

At 10am, the FBM KLCI rose 7.69 points to 1,631.36.

Gainers led losers by 259 to 238, while 246 counters traded unchanged. Volume was 480.03 million shares valued at RM348.57 million.

The top gainers included Petronas Dagangan Bhd, Tenaga Nasional, Petronas Gas Bhd, AirAsia Group Bhd, Hong Leong Industries Bhd, MISC Bhd, PPB Group Bhd,  Time Dotcom Bhd, Carlsberg Brewery Malaysia Bhd and Can-One Bhd.

The actives included AirAsia, Vortex Consolidated Bhd, Bumi Armada Bhd, Ekovest Bhd, Dynaciate Group Bhd, IFCA MSC Bhd, Iskandar Waterfront City Bhd and Sapura Energy Bhd.

The decliners included British American Tobacco (M) Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Latitude Tree Holdings Bhd, MSM Malaysia Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Apex Healthcare Bhd, Hume Industries Bhd and Hap Seng Consolidated Bhd.

Asian stocks tracked Wall Street losses on Thursday as rhetoric from Beijing and Washington over trade matters kept alive investor concerns about the tariff war's impact on global economic growth, according to Reuters.

The risk aversion propped up global safe-haven assets such as government bonds, with yields on German benchmark debt approaching record lows, it said.

Kenanga IB Research said Asian market ended mostly lower yesterday, as trade fears continue to linger.

It said back home, the FBM KLCI recorded gains by 9.10 points or 0.56% to end at 1,623.67.

“Despite that, overall downtrend remains intact and its technical indicators have yet to show any prominent sign of a bullish breakout.

“From here, supports can be found at 1,585 (S1) and 1,570 (S2).

“Should the momentum continue to be positive and be able to break above 1,630 (R1), outlook would then turn bullish with next resistance identified at 1,650 (R2),” it said.

      Print
      Text Size
      Share