Friday 29 Mar 2024
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KUALA LUMPUR (Nov 18): The FBM KLCI reverted to its consolidation mode in the morning session today, as regional markets remained cautious following the weaker overnight at Wall Street and most global markets.

At 12.30pm, the FBM KLCI was down 1.14 points to 1,660.39.

Decliners led losers by 399 to 366, while 338 counters traded unchanged. Volume was 1.27 billion shares, valued at RM840.29 million.

The top losers in the morning session today included UMW Holdings Bhd, Top Glove Corporation Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Daibochi Plastics & Packaging Industry Bhd, UEM Edgenta Bhd, Hong Leong Industries Bhd, Tasek Corporation Bhd and LPI Capital Bhd.

The actively-traded stocks included Idimension Consolidated Bhd, Instacom Group Bhd, Hibiscus Petroleum Bhd, The Media Shoppe Bhd, JAG Bhd, RGB International Bhd and Borneo Oil Bhd.

The top gainers included Dutch Lady Milk Industries Bhd, P.I.E. Industrial Bhd, Focus Lumber Bhd, Kuala Lumpur Kepong Bhd, IQ Group Bhd, Mieco Chipboard Bhd, HCK Capital Group Bhd and Malaysian Pacific Industries Bhd.

An index of Asian shares fell on Wednesday, as copper prices tumbled and another bomb scare in Europe hurt risk appetites, while bets that the Federal Reserve remains on track for a rate hike, bolstered the dollar, according to Reuters.

The greenback edged higher, close to seven-month highs against a basket of currencies, as U.S. economic data also backed the case that the U.S. central bank is poised to increase interest rates next month, for the first time in nearly a decade, it said.

BIMB Securities Research said that on earlier trading, key Asian markets closed mostly higher oil prices boosted the energy sector.

Locally, it said the FBM KLCI gained 5.53 points or 0.33% to 1,661.53, lifted mainly by telco stocks.

“Trading participation shows net buying by local institutions, while foreign institutions and local retail were net sellers.

“We expect the index to extend its consolidation stage, with the index hovering circa 1,650-1,655,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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