Thursday 28 Mar 2024
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KUALA LUMPUR (July 7): The FBM KLCI remained in negative territory at mid-morning today in the absence of fresh domestic catalysts but the benchmark index hovered above the important 1,700-point level.

At 10.03am, the FBM KLCI was down 2.61 points to 1,714.44.

The top losers included Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd, UMW Holdings Bhd, Amway (M) Holdings Bhd, Tan Chong Motor Holdings Bhd, NCB Holdings Bhd, Petronas Dagangan Bhd, Boustead Holdings Bhd and IJM Corporation Bhd.

The actively traded counters included Scan Associates Bhd, KNM Group Bhd, JAKS Resources Bhd, APFT Bhd, Frontken Corporation Bhd and Perwaja Holdings Bhd.

The top gainers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Top Glove Corporation Bhd, Hong Leong Financial Group Bhd, Pos Malaysia, Evergreen Fibreboard Bhd, Time Dotcom Bhd and BIMB Holdings Bhd.

Asian stocks won a reprieve on Tuesday after sharp falls the previous day but investors remained on edge amid uncertainty over Greece's position in the euro and volatility in mainland Chinese share markets, according to Reuters.

Japan's Nikkei rose 1.2 percent while MSCI's broadest index of Asia-Pacific shares outside Japan , which fell to six-month low on Monday, was up 0.2 percent, it said.

Hong Leong IB Research said the FBM KLCI was likely to face pressure in the near term amid lingering local and external woes.

“Stiff resistance levels are 1732 (30-d SMA), 1746 (61.8% FR) and 1769 (50% FR) whilst supports fall on 1700 and 1688,” it said.

 

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