Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 23): The FBM KLCI rose 0.6% at the midday break today, lifted by select blue chips but broader market sentiment remained cautious.

At 12.30pm, the FBM KLCI rose 10.10 points to 1,671.99.

Broader market sentiment however was cautious with decliners leading advancers by 404 to 381, while 336 counters traded unchanged. Volume was 1.65 billion shares, valued at RM955.56 million.

The top gainers included Petronas Dagangan Bhd, Can-One Bhd, Tenaga Nasional Bhd, Vitrox Corporation Bhd, P.I.E. Industrial Bhd, Chee Way Corporation Bhd, Advanced Packaging Technoloy (M) Bhd, Petronas Gas Bhd, Teck Guan Perdana Bhd and Lii Hen Industries Bhd.

The actively-traded stocks included Instacom Group Bhd, Genetec Technology Bhd, Globaltec Formation Bhd, Asia Media Bhd, Nexgram Holdings Bhd, Pesona Metro Holdings Bhd and PUC Founder Bhd.

The top losers included United Plantations Bhd, British American Tobacco (M) Bhd, LPI Capital Bhd, SAM Engineering & Equipment Bhd, Hap Seng Consolidated Bhd, Top Glove Corporation Bhd, APM Automotive Bhd, Press Metal Bhd and Borneo Aqua Harvest Bhd.

The euro sagged to a seven-month trough on Monday, as the prospect of more policy easing in Europe benefited the U.S. dollar, while activity in Asian shares was crimped by a holiday in Japan, according to Reuters.

The strength of the dollar also combined with worries about Chinese demand to clobber commodity prices again, sending copper to its lowest in over six years, it said.

BIMB Securities Research said the key regional indexes finished mixed last Friday, as investors were concerned over the economic data.

It said that back home, the FBM KLCI closed 1.83 points higher or 0.1% to close at 1,661.89, supported by Blue-Chip counters such as Tenaga and Nestle, following the positive sentiment on economic recovery.

“Trading participation saw strong support by local institution, with 54.9% participation in the market for last week.

“We anticipate the stocks market remains at the sideline and expect the index to hover at around 1,660 - 1,665,” 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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