Friday 29 Mar 2024
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KUALA LUMPUR (Aug 1): The FBM KLCI clawed back to reverse its loss at the midday break today, lifted by select index-linked stocks but overall sentiment remained tepid in line with regional markets.

At 12.30pm, the FBM KLCI was up 0.68 points to 1,635.55. The index had earlier in the morning slipped to a low of 1,627.95.

Losers led gainers by 323 to 198, while 556 counters traded unchanged. Volume was 1.28 billion shares valued at RM823.82 million.

The gainers included Press Metal Aluminium Holdings Bhd, British American Tobacco (M) Bhd, ABM Fujiya Bhd, UMW Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Uchi Technologies Bhd, RHB Bank Bhd and Toyo Ink Group Bhd.

The actives included NetX Holdings Bhd, Tashin Holdings Bhd, i-Stone Group Bhd, KNM Group Bhd and Zelan Bhd.

The losers included Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Bank Bhd, Genting Plantations Bhd, Fraser & Neave Holdings Bhd, Eng Kah Corp Bhd, Warisan TC Holdings Bhd and Kuala Lumpur Kepong Bhd.

Asian shares fell to six-week lows on Thursday while the US dollar jumped to two-year highs as the US Federal Reserve poured cold water on market expectations of a lengthy easing cycle following a 25-basis-point rate cut, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan faltered 0.4%, extending losses for a fifth day to the lowest since mid-June, it said.

Affin Hwang Capital Research said the FBM KLCI Index continued to fall further, dropping 7.82 points or 0.48% yesterday, closing at 1,634.87.

It said market breadth was negative: 257 gainers compared to 602 losers.

"Trading volume was at 2.75 billion shares while value traded stands at RM2.74 billion.

"The Index retested the 1,635 support level once again in yesterday's session with price paring some losses towards the end of the session, indicating some presence of buyers. Nonetheless, bears still remain in control, as displayed by the consistent bearish candlesticks the past few days.

"Anticipate to resume downward movement," it said.

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