Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 19): The FBM KLCI advanced at mid-morning on Monday but gains could be limited as persistent foreign selling could hamper the progress at tehe local bourse.

At 10am, the FBM KLCI rose 4.88 points to 1,748.45.

The top gainers included LTKM Bhd, Carlsberg Brewery (M) Bhd, Uzma Bhd, Coastal Contracts Bhd, DKSH Bhd, UMW Oil and Gas Corporation Bhd, Cocoaland Holdings Bhd, MBM Resources Bhd, Malayan Banking Bhd and Genting Bhd.

The actives included KNM Group Bhd, Hubline Bhd, Sumatec Resources Bhd, Minetech Resources Bhd, Berjaya Corporation Bhd, Perisai Petroleum Teknologi Bhd and SapuraKennca Petroleum Bhd.

The top decliners included Genting Plantations Bhd, United Plantations Bhd, PPB Group Bhd, Hap Seng Plantations Bhd, LBI Capital Bhd, Pos Malaysia Bhd and Telekom Malaysia Bhd.

Most Asian share markets followed Wall Street higher on Monday, though investors were wary of being disappointed yet again by economic data from China and policy stimulus in the euro zone, according to Reuters.

Adding to the air of caution was a retreat in Chinese equities, in part on news the securities regulator had barred three major brokerages from opening new margin trading accounts for clients for three months, it said.

An explosion in margin trading is one reason China stocks soared in recent months and shares in the brokers opened sharply lower. The Shanghai market shed 3.9 percent, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen slid 4.2 percent, said Reuters.

JF Apex Securities Research said U.S. stocks jumped Friday to close higher for a first session in six, while tallying a third weekly drop, as energy led gains with U.S. crude rising and as investors considered a mixed bag of economic reports.

Similarly, it said European equities closed mostly higher but Swiss stocks weighed on wider benchmarks.

“On the local stock market, the FBM KLCI shed 1.43 points to 1743.57 points.

“Following the positive lead in the US, we expect the KLCI to climb towards its resistance of 1765 points,” it said.

Foreign money outflow from the Malaysian equity market last week surged to its highest level since August 2013, according to MIDF Research.

In his weekly fund flow report Monday, MIDF Research headof equity Syed Muhammed Kifni said that last week, investors classified as foreign offloaded local equity in the open market (i.e excluding off-market deals) amounting to RM1.42 billion.

 

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