Friday 29 Mar 2024
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KUALA LUMPUR (Mar 12): The FBM KLCI rose as investors bargain hunted for beaten-down shares and as the ringgit strengthened against world currencies.

At 9:04am, the KLCI rose 3.29 points or 0.2% to 1,781.45 on gains in plantation shares like PPB Group Bhd and banking stocks Public Bank Bhd and Malayan Banking Bhd.

Yesterday, the KLCI fell 11.57 points or 0.65% to close at 1,778.16.

Today, Hong Leong Investment Bank Bhd analyst Nick Foo Mun Pang said the "KLCI may experience short-term knee-jerk correction towards 1,770, followed by a lower floor at 1,750 levels" amid global factors like China's slowing economic growth and the US' possible interest rate hike this year.

In Malaysia, the weaker ringgit and a possible downgrade on the country's sovereign rating are also closely-watched factors, according to Foo.

Bursa Malaysia saw some 129 million shares valued at RM38 million changed hands. There were 152 gainers and 62 decliners.

The top gainer was PPB while British American Tobacco (M) Bhd led decliners. The most-active stock was Nova MSC Bhd.

The ringgit strengthened to 3.6943 versus the US dollar and compared to the Singapore dollar, the ringit changed hands at 2.6630.

Yesterday, the ringgit weakened to 3.7190 against the US dollar in intraday trade as anticipation of an earlier-than-expected US interest rate hike generated demand for the US dollar.  

Across Asia today, Japan's Nikkei 225 rose 0.43% while South Korea's Kospi erased earlier gains to trade flat.

Reuters reported that prospects of higher U.S. interest rates buoyed the dollar but also kept share prices in many countries in check on Thursday, with Asian stocks hovering around seven-week lows.

 

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