Thursday 28 Mar 2024
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KUALA LUMPUR (May 27): The FBM KLCI held its position marginally above the 1,600-point level against the backdrop of mixed regional markets.

At 10.05am, the FBM KLCI was up 2.36 points to 1,600.68.

Losers led gainers by 261 to 182, while 257 counters traded unchanged. Volume was 385.47 million shares valued at RM194.81 million.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, MISC Bhd, United Plantations Bhd, PPB Group Bhd and Panasonic Manufacturing Malaysia Bhd.

The actives included Vortex Consolidated Bhd, Bumi Armada Bhd, KNM Group Bhd, Leong Hup International Bhd, Ekovest Bhd, Dayang Enterprise Holdings Bhd and Malayan Flour Mills Bhd.

The losers included Hengyuan Refining Company Bhd, Tenaga Nasional Bhd, Petron Malaysia Refining & Marketing Bhd, Petronas Chemicals Group Bhd and SAM Engineering & Equipment (M) Bhd.

Asia stocks edged up early on Monday, and the euro was confined to a narrow range after the weekend's European Parliament elections highlighted the deepening political fragmentation of the 28-country bloc, according to Reuters.

The euro was a shade higher at US$1.1211, holding within a tight US$1.2272-US$1.2754 range in what was a limited reaction to so far the exit polls, it said.

Hong Leong IB Research said although Wall Street recovered mildly last Friday, the upside could be limited with the release of several softer-than-expected economic data (US durable goods orders and manufacturing activity).

"In addition, investors are waiting for further clarity on the trade progress between [the US and China], while the Huawei ban episode has delayed trade discussions at this moment, which may cause further uncertain trading sentiment over the near term.

"With the relief rebound on Wall Street, coupled with [less] negative trade headlines over the weekend, sentiment on the local front could recover and bargain-hunting activities could emerge on the broader market.

"Also, traders may trade within the technology and O&G (oil and gas) sectors as it was beaten down severely last week. Meanwhile, the KLCI's resistance is located around 1,618-1,630," it said.

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