Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Nov 7): The FBM KLCI staged a mild technicakl rebound at mid-morning on Friday, erasing its earlier losses.

At 10.01am, the FBM KLCI was up 4.81 points to 1,836.79. The index had earlier dipped to 1,825.27.

The top gainers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Public Bank Bhd, Tenaga Nasional Bhd,My E.G. Services Bhd, Crescendo Corporation Bhd, PPB Group Bhd, Malayan Banking Bhd, Dutch Lady Milk Industries Bhd, Time Dotcom Bhd, Westports Holdings Bhd and Brahims’ Holdings Bhd.

Compugates Holdings Bhd was the most actively traded counterw ith 54.23 million shares done. The stock jumped 9.09% or half a sen to 6 sen.

The other actives included Globaltec Formation Bhd, Malaysian Airline System Bhd, IFCA MSC Bhd and Sumatec Resources Bhd.

The decliners included Kuala Lumpur Kepong Bhd, Petronas Chemicals Group Bhd, Gamuda Bhd, IJM Corporation Bhd, UMW Holdings Bhd, Utusan Melayu (Malaysia) Bhd, Syarikat Takaful Malaysia Bhd, Hong Leong Bank Bhd and LTKM  Bhd.

Regionally, Asian shares wobbled in early trading on Friday, while the euro wallowed around two-year lows after European Central Bank President Mario Draghi vowed to take more easing steps to spark growth in the euro zone, according to Reuters.

Investors were likely to remain cautious ahead of the key U.S. nonfarm payrolls report later in the session. Solid gains in employment would increase speculation that the U.S. Federal Reserve could raise U.S. interest rates in the middle of next year, it said.

JF Apex Securities Research said that U.S. stocks climbed, lifting the Dow and S&P 500 to records, after upbeat economic reports in the U.S. and assurances from European Central Bank President Mario Draghi that the ECB would adopt further easing measures, if needed.

Meanwhile, it said European shares closed mixed after Draghi hinted as to the possibility of further aggressive stimulus measures and hit back at claims of dissent at the Bank.

On the local market, the research house the FBM KLCI fell 7.31 points to 1831.98 points on Thursday.

“Asian equities are poised for a higher open on Friday, after Wall Street climbed on assurances from Draghi.

“We expect the KLCI to bounce off its support of 1830 points but remain below its resistance of 1850 points,” it said.

 

      Print
      Text Size
      Share