Thursday 28 Mar 2024
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KUALA LUMPUR (May 17): The FBM KLCI rose 0.64% at mid-morning today, tracking the gains at most regional markets.

At 10.10am, the FBM KLCI rose 10.36 points to 1,609.55.

Gainers led losers by 313 to 178, while 250 counters traded unchanged. Volume was 546.02 million shares valued at RM245.58 million.

The gainers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Aeon Credit Service (M) Bhd, Public Bank Bhd, Pharmaniaga Bhd, Hong Leong Industries Bhd and Petron Malaysia Refining & Markerting Bhd.

The actives included Impiana Hotels Bhd, AirAsia X Bhd, Focus Dynamics Group Bhd, Bumi Armada Bhd, Lambo Group Bhd and My EG Services Bhd.

The decliners included Genting Plantations Bhd, Kimlun Corp Bhd, Scicom (MSC) Bhd, PNE PCB Bhd, Degem Bhd and Cahya Mata Sarawak Bhd.

Asian shares were trying to end a bleak week in the black on Friday as upbeat US economic news and solid company earnings offered a respite from the interminable Sino-US trade saga, according to Reuters.

The reprieve might prove brief, however, given the fallout from US President Donald Trump's move to block China's Huawei Technologies from buying vital American technology, it said.

Hong Leong IB Research said without any negative headlines on the trade progress, buying interest may sustain over the near term and market participants will be focusing on results and outlook guidance on corporates.

"However, President Trump has given a projection that the trade deal could be announced within the next 3-4 weeks and should there be any disappointment on this, the Dow's upside could be capped around 26,000.

"With the escalating trade tension amid the unsettled disputes between the US and China, we believe it may suppress the buying interest on the local front.

"In addition, the foreign trade outflows remained persistent over the past few months, which YTD (year to date) has accumulated around RM3.9 billion of outflow and this may continue to weigh on the stock market.

"Hence, the FBM KLCI's resistance could be located around 1,630-1,640," it said.

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