Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 29): The FBM KLCI was down 0.08% at mid-morning Wednesday as the selling pressure abated in with global markets.

At 10am, the FBM KLCI was down 1.26 points to 1,550.38. The index had earlier ticked up to a high of 1,554.42.

Gainers led losers by 312 to 283, while 251 counters traded unchanged. Volume was 703.27 million shares valued at RM428.91 million.

The top losers included Petronas Dagangan Bhd, Icon Offshore Bhd, Fraser & Neave Holdings Bhd, PPB Group Bhd, Petronas Gas Bhd, Tenaga Nasional Bhd and Genting Plantations Bhd.

The actives included Avillion Bhd, Careplus Group Bhd, Supermax Corp Bhd, Alam Maritim Resources Bhd, Iris Corp Bhd and Priceworth International Bhd.

The gainers included Dutch Lady Milk Indutries Bhd, Batu Kawan Bhd, British American Tobacco (M) Bhd, Malaysia Airports Holdings Bhd, Time Dotcom Bhd and Allianz Malaysia Bhd.

Reuters said Asian shares rose on Wednesday as better-than-expected Apple Inc earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, ending four days of losses. Australian shares rose 0.41%, while Japan's Nikkei stock index rose 0.27%, it said.

Hong Leong IB Research said in the short term, the Dow is expected to remain in choppy mode as investors wading through a tide of quarterly results and closely monitoring the coronavirus outbreak (which could grow into a global pandemic).

It said crucial supports are situated at 28000-28400 whilst resistances are at 28900-29400 levels.

On the KLCI outlook, the research house said the Dow’s overnight 0.7% technical rebound would provide a boost to Bursa Malaysia today, lifting KLCI to retest its envisaged 1558-1574 technical rebound zones.

“Nevertheless, investors are unlikely to make significant moves as sentiment remain edgy on the headlines-driven 2019-nCoV outbreak and ahead of the Feb reporting season.

“After rallying in the last few days, gloves and healthcare-related companies’ are likely to take breather amid steeply overbought positions while airlines, tourism and retailing stocks could witness some relief rebound after steep selloff.

“Meanwhile, technology stocks would remain in focus after a strong Intel results last week and Apple results overnight,” it said.

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