Thursday 28 Mar 2024
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KUALA LUMPUR (Apr 21): The FBM KLCI rose 0.4% at the midday break today, lifted by gains at select blue chips in line with the uptrend at regional markets.

At 12.30pm, the FBM KLCI rose 7.45 points to 1,856.11.

Gainers led losers by 431 to 313 while 318 counters traded unchanged. Volume was 1.80 billion shares valued at RM1.08 billion.

The top gainers included DanaInfra Nasional Bhd, Oriental Holdings Bhd, Genting Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, SPMC Bhd, Petronas Dagangan Bhd, MISC Bhd and UMW Holdings Bhd.

The actives included EA Holdings Bhd, PUC Founder Bhd, Nova MSC Bhd, Frontken Corporation Bhd, Kanger International Bhd, Genetec Technology Bhd, Bioalpha Holdings Bhd and Bumi Armada Bhd.

The decliners included British American Tobacco (M) Bhd, PPB Group Bhd, Lafarge Malaysia Bhd, United Plantations Bhd, Fraser & Neave Holdings Bhd, IJM Corporation Bhd and Amway (M) Holdings Bhd.

Asian stocks were firm on Tuesday after China's latest step to prop up its faltering economy lifted global equities, while the euro was pressured on growing worries a cash-strapped Greece may default on its debt.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, with the dollar's gains against some Asian currencies offsetting a rise in stock prices in local currency terms.

Maybank IB head of research and chief chartist Lee Cheng Hooi in a note to clients today said the FBM KLCI gained 2.80 points to 1,848.66 yesterday, while the FBMEMAS and FBM100 also closed higher by 11.51 points and 12.80 points, respectively.

He said that in terms of market breadth, the gainer-to-loser ratio was 349-to-483 while 312 counters were unchanged, adding that a total of 3.13 billion shares were traded valued at RM2.14 billion.

“We recommend a 'Nibble on Dips' stance for the index. The KLCI Apr Futures moved into a marginal 0.16-point discount against the FBMKLCI.

“We expect some buying at the supports of 1,831 to 1,848, whilst profit-taking activities will cap rebounds at the resistances of 1,850 and 1,865.

“The index’s rebound from the 1,671.82 low will persist as buying interest remains good, albeit in a narrow range. The FBMKLCI index remains well-bid on higher volumes. It could test 1,850 and higher soon,” he said.

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