Thursday 28 Mar 2024
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KUALA LUMPUR (May 29): The FBM KLCI rose 0.62% lifted by gainers led by Tenaga Nasional Bhd at the midday break today, against the backdrop of weaker regional markets.

Local investors appeared unfazed over Malaysia being placed on the currency manipulator watch list by the US Treasury under its foreign exchange policy report issued yesterday.

At 12.30pm, the FBM KLCI rose 10.14 points to 1,624.71.

Gainers led losers by 286 to 242, while 476 counters traded unchanged. Volume was 1.21 billion shares valued at RM811.35 million.

The top gainers included Tenaga Nasional, Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, Tasek Corp Bhd, Petronas Gas Bhd, Allianz Malaysia Bhd, Time Dotcom Bhd and Aeon Credit Service (M) Bhd.

The actives included Ekovest Bhd, Bumi Armada Bhd, Lambo Group Bhd, Iskandar Waterfront City Bhd, Sapura Energy Bhd and Vortex Consolidated Bhd.

The decliners included British American Tobacco (M) Bhd, Padini Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Malaysian Pacific Industries Bhd, Latitude Tree Holdings Bhd, Hong Leong Bank Bhd, QL Resources Bhd and Serba Dinamik Holdings Bhd.

Stocks in Asia dropped after an afternoon sell-off on Wall Street as investors gauge the warning signals flashing in the bond market, where sovereign yields have slumped to multi-year lows, according to Bloomberg.

Shares in South Korean bore the brunt of losses and Japan was down about 1%, while those in Hong Kong and China posted modest declines. U.S. stock losses accelerated late Tuesday as the rally in 10-year Treasuries further inverted a part of the yield curve watched for its history of signaling recessions. Japanese government bond yields slid deeper into negative territory, New Zealand’s 10-year rates hit a record low and Australia’s fell below the central bank’s policy rate. The dollar edged higher, and S&P 500 Index futures retreated, it said.

Kenanga IB Research said Asian stock markets were mostly higher with US President having finished his visit to Japan as both countries look to strike a trade deal.

It said the FBMKLCI continued to recover by gaining another 13.22 points or 0.83% to end at 1,614.57, with Sime Darby Bhd making the most gain at 7.27%.

“Despite that, the downtrend is still intact and its technical indicators still do not show prominent sign of a bullish breakout.

“From here, supports can be found at 1,585 (S1) and 1,570 (S2).

“Should the momentum continue to be positive and be able to break above 1,630 (R1), outlook would then turn bullish with next resistance identified at 1,650 (R2),” it said.

 

 

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