Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 15): The FBM KLCI reversed its losses at mid-morning today and rose marginally higher, despite the more cautious regional markets.

At 10am, the FBM KLCI rose 2.91 points to 1,687.06. The index had earlier slipped to a low of 1,680.92.

The gainers included KESM Industries Bhd, Oriental Holdings Bhd, KLCC Property Holdings Bhd, Hong Leong Financial Group Bhd, Allianz Malaysia Bhd, Guan Chong Bhd, Hong Leong Industries Bhd and Nestle (Malaysia) Bhd.

The actives included SMTrack Bhd, JAG Bhd, Borneo Oil Bhd, Vivocom Intl Holdings Bhd, Pesona Metro Holdings Bhd, SapuraKencana Petroleum Bhd, Malaysia Building Society Bhd and TH Heavy Engineering Bhd.

The losers included Panasonic Manufacturing Malaysia Bhd, Petronas Gas Bhd, Apex Healthcare Bhd, BIMB Holdings Bhd, Fraser & Neave Holdings Bhd, Aeon Credit Service (M) Bhd, Hartalega Holdings Bhd and SAM Engineering & Equipment (M) Bhd.

Asian shares inched back from one-year peaks on Monday after Japanese data showed the world's third largest economy hit an air pocket last quarter, while oil prices held onto their recent gains as markets globally made a slow start to the week, according to Reuters.

The Nikkei eased 0.3% as Japan's economic growth effectively stalled in the second quarter on weak exports and business investment, underlining the need for more stimulus, it said.

Hong Leong IB Research said in anticipation of more stimulus-driven measures by global key central banks and government, the return of higher yield seeking funds into emerging markets and a rebound in oil and crude palm oil prices, the FBM KLCI is likely to make an attempt to test 1,700 this week.

"However, we see challenging task to exceed 1,700 during this ongoing August reporting season, given the overbought daily slow stochastic indicator," it said.

 

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