Thursday 28 Mar 2024
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KUALA LUMPUR (June 26): The FBM KLCI remained lacklustre at the midday break today, tracking its regional peers, dragged by losses at key utility stocks.

At 12.30pm, the FBM KLCI dipped 2.85 points to 1,673.76.

Losers led gainers by 301 to 174, while 518 counters traded unchanged. Volume was 1.04 billion shares valued at RM601.91 million.

The top losers included Heineken Malaysia Bhd, Tenaga Nasional Bhd, Telekom Malaysia Bhd, NPC Resources Bhd, Ajinomoto (M) Bhd, Malaysian Pacific Industries Bhd, Press Metal Aluminium Holdings Bhd, Kim Hin Industry Bhd and Syarikat Takaful Malaysia Keluarga Bhd.

The actives included Lambo Group Bhd, Impiana Hotels Bhd, VS Industry Bhd, Focus Dynamics Group Bhd and Metronic Global Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, British American Tobacco (M) Bhd, Warisan TC Holdings Bhd, LPI Capital Bhd, Nestle (M) Bhd, Sarawak Plantation Bhd, Aeon Credit Service (M) Bhd and Pentamaster Corp Bhd.

Most Southeast Asian stock markets slipped on Wednesday as comments from US Federal Reserve (Fed) officials curbed rate-cut enthusiasm, according to Reuters.

Fed officials on Tuesday pushed back on market expectations and presidential pressure for the central bank to deliver a significant rate cut of half a percentage point as soon as its next meeting, it said.

Hong Leong IB Research said that in the US, sentiment may turn more cautious after overnight Dow's fall amid US-Iran geopolitical tensions, US-China trade talks uncertainty during the G20 summit coupled with fading optimism of more rate cuts.

"Overall, we expect the Dow to trend in range bound mode within 26,400-26,950 levels in the near term.

"Following the overnight slide on Wall St, KLCI is expected to remain choppy in the near term.

"Nevertheless, hopes for potential end-June window-dressing interest should underpin sentiment. Immediate upside hurdles are 1,682-1,700, while supports are situated at 1,640-1,660 territory," it said.

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