Thursday 28 Mar 2024
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KUALA LUMPUR (July 16): The FBM KLCI stayed in negative territory at mid-morning today on some mild profit taking ahead of the extended weekend as the stock exchange shuts down at midday for the Hari Raya Aidilfitri break.

At 10am, the FBM KLCI was down 1.33 points to 1,725.93.

The top losers included Tenaga Nasional Bhd, SAM Engineering & Equipment Bhd, Westports Holdings Bhd, KLCC Property Holdings Bhd, Petronas Gas Bhd, Pestech International Bhd and Asia File Corporation Bhd.

The top actives included Perwaja Holdings Bhd, Frontken Corporation Bhd, Kinsteel Bhd, APFT Bhd, JAKS Resources Bhd, Tiger Synergy Bhd and Tenaga.

The gainers included British American Tobacco (M) Bhd, Lafarge Malaysia Bhd, Kossan Rubber Industries Bhd, NCB Holdings Bhd, Cycle & Carriage Bintang Bhd, Nestle (M) Bhd, MNRB Holdings Bhd and Lii Hen Industries Bhd.

Asian stocks were mostly higher on Thursday after the Greek parliament approved a bailout plan while the dollar stood tall after Federal Reserve Chair Janet Yellen reinforced expectations for a US rate hike, according to Reuters.

Japan's Nikkei rose 0.5%, as did Australian shares. South Korea's Kospi was up 0.2%, it said.

Hong Leong IB Research said the approval of Greece bailout plan this morning could bode well for global markets as “Grexit” overhang uncertainty is removed in the near future (although “Grexit” risk remains in the long term).

“For Bursa Malaysia, the FBM KLCI is likely to trade sideways and trading sentiment is also not expected to improve significantly with lingering political uncertainties and 1MDB saga coupled with long Hari Raya holidays,” it said.

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