Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 9): The FBM KLCI rose 0.36% at mid-morning today, powered by Tenaga Nasional Bhd, in line with the gains at most regional markets.

At 10am, the FBM KLCI was up 6.01 points to 1,678.77. The index had earlier risen to a high of 1,682.35.

Gainers led losers by 408 to 153, while 235 counters traded unchanged. Volume was 745.63 million shares valued at RM319.01 million.

The gainers included Nestle (M) Bhd, Tenaga, SAM Engineering & Equipment (M) Bhd, Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd, MISC Bhd, Sime Darby Plantation Bhd, Genting Plantations Bhd and Gamuda Bhd.

The actives included Tatt Giap Group Bhd, Hubline Bhd, Berjaya Corp Bhd, Sino Hua-An International Bhd, Gagasan Nadi Cergas Bhd and Destini Bhd.

The decliners included Petronas Chemicals Group Bhd, Allianz Malaysia Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Asian shares inched up on Wednesday, supported by optimism the United States and China can strike a trade deal to avoid an all-out confrontation that will severely disrupt the global economy, according to Reuters.

Japan's Nikkei rose 0.9% while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3%, the newswire said.

Hong Leong IB Research said in the US, the recovery may sustain as trade developments were seen optimistic at this juncture with comments from US and China officials pointing towards a potential deal by March.

"The Dow could continue its rebound towards 24,000-24,175. Nevertheless, investors would turn their focus now on the upcoming reporting season, which generally starts in mid-January.

"After a mild pullback yesterday, we expect stocks to rebound today amid the fresh developments on trade front.

"We also believe the oil and gas sector could trend higher amid firmer crude oil prices overnight. Also, the FBM KLCI is likely to have limited downside at this juncture as bullish divergence was spotted between the MACD (moving average convergence divergence) and KLCI over the past six months," the research house said.

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