Friday 29 Mar 2024
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KUALA LUMPUR (April 4): The FBM KLCI reversed its loss at mid-morning and stayed above its 1,710 support level.

At 10.03am, the FBM KLCI rose 5.49 points to 1,716.04.

The gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Scientex Bhd, Hong Leong Bank Bhd, SAM Engineering & Equipment Bhd, Genting Malaysia Bhd, MKH Bhd, Tenaga Nasional Bhd and Malayan Banking Bhd.

The actives included Vivocom International Holdings Bhd, AirAsia Bhd, APFT Bhd, Palette Multimedia Bhd and KNM Group Bhd.

The losers included Panasonic Malaysia Manufacturing Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Petronas Gas Bhd, Bursa Malaysia Bhd, United Plantations Bhd, Genting Plantations Bhd and Genting Bhd.

Asian share prices held firm on Monday after solid US payroll data underpinned investor risk sentiment while dovish comments from Federal Reserve Chair Janet Yellen the previous week kept the US dollar in check, according to Reuters.

Oil prices dropped in early Asian trade, extending their decline on Friday following comments from a powerful Saudi prince that raised doubts about the chance of any output freeze deal later this month, it said.

Hong Leong IB Research said that in the week ahead, traders will continue to focus on clues of the Fed's next rate hike with the release of a few key economic data.

It said the minutes from the previous Federal Open Market Committee meeting will be released this coming Wednesday.

"Coupled with falling crude oil prices and a few fragile technical indications, local key bourse is likely to trend cautiously this week towards our weekly expected trading range of between 1,690 and 1,726. In case of further selling pressure and penetration below psychological level of 1,700, the key benchmark index should find support at 1,685 to 1,680 territories.

"This week's expected range 1,690–1,726; Today's expected range 1,700–1,725; Resistances 1,718, 1,726, 1,732; Supports 1,704, 1,698, 1,690," it said.

 

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