Thursday 28 Mar 2024
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KUALA LUMPUR (June 26): The FBM KLCI tracked regional markets and slipped in early trade, weighed by losses including at Tenaga Nasional Bhd and Public Bank Bhd.

At 9.05am, the FBM KLCI  dipped 2.11 points to 1,674.50.

The early decliners included Syarikat Takaful Keluarga Malaysia Bhd, Tenaga, Public Bank, Amway Holdings (M) Bhd, Press Metal Aluminium Holdings Bhd, Pentamaster Corp Bhd and DRB-Hicom Bhd.

Asian stocks slipped on Wednesday and the dollar pulled back from three-month lows after Federal Reserve officials tempered expectations in the markets for aggressive monetary easing, according to Reuters.

Fed Chair Jerome Powell on Tuesday said the central bank is "insulated from short-term political pressures," pushing back against U.S. President Donald Trump's demand for a significant rate cut. Powell, however, said Fed policymakers are wrestling with whether uncertainties around U.S. tariffs, Washington's conflict with trading partners and tame inflation require a rate cut, it said.

Kenanga IB Research said majority of the Asian markets ended lower on Tuesday, as investors continued to anticipate the upcoming Trump-Xi meet.

It said back home, the FBM KLCI rose 0.48 points or 0.03% to end at 1,676.61.

“In the near term, the index seems to be in a consolidation phase as profit taking activities took place after four consecutive long bullish candlesticks.

“Nonetheless, the underlying trend of the index remains bullish following the break above its 100-day SMA.

“From here, resistances can be found at 1,690 (R1). A break above should see the index trend higher towards 1,730 (R2). Conversely, downside supports can be identified at 1,650 (S1) and 1,600 (S2),” it said.

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